InfoQuest, (July 02, 2019) -- The cabinet council has approved to allocate fund from a reserve fund under the central fund that the government can use it at its discretion in cases of emergencies or necessities to employee civil engineering design consultants for the Phase II of high-speed railway project between Bangkok and Nong Khai (Nakhon Ratchasima-Nong Khai) under Thailand-China regional connectivity cooperation framework. The construction period of the project is expected to be 19 months and the fund allocated represents 751,624,800 baht that is in line with the amount applied by the Ministry of Transport, according to Major General Athit Chaiyanuwat, assistant to spokesman for the Office of the Prime Minister.
112,743,700 baht will be allocated to the State Railway of Thailand (SRT) from a reserve fund aiming at emergencies or necessities under the central fund of the fiscal year 2018. The remaining fund will be used to repay 638,881,100 baht of due debt before the 2020-2021 fiscal year. The Bureau of the Budget will follow the annual budget process to allocate the fund to the SRT.
At the same time, the cabinet approved that the SRT was exempt from the resolution it made on February 10, 2009. The resolution is on amendments to debt repayment standards for budget that is carried over to the next fiscal year and other pertinent measures. The budget allocation for hiring consultants will be implemented according to the budget allocation proportion for the first year, that is, the budget appropriation shall not be below 20 percent of that for the entire project.
The fund for project construction of the fiscal year 2019 will be allocated from a reserve fund aiming at emergencies or necessities under the central fund of the fiscal year 2018. The Ministry of Finance (MOF) has already approved to postpone putting the fund in place until the last working day in September 2019 for the above allocation. And the SRT should scheme relevant project implementation plan and budget allocation expenditure plan, so as to make follow-up budget allocation plan. In addition, the SRT is required to reach a detailed agreement with the Bureau of the Budget on the specific amount of budget allocation before signing a debt repayment contract, based on the advice of the Bureau of the Budget.
Source: InfoQuest, by Tanit Tongnok/ Kasamarporn/ Rachada, translated by Xinhua Silk Road
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