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InfoQuest

Somkid reminds relevant economic departments of releasing stimulus measures for economic growth

November 29, 2019


Abstract : Deputy Prime Minister Somkid Jatusripitak stressed that government works should be pursued with joint efforts, and each department should be responsible for their respective fields.

InfoQuest (November 25, 2019) -- Deputy Prime Minister Somkid Jatusripitak stressed that government works should be pursued with joint efforts, and each department should be responsible for their respective fields. The Ministry of Finance (MOF) does not engage in export works since export does not fall into its purview. However, MOF has discussed with relevant institutions on export matters. It is evident that current economic works are related to each sector, such as export, people's livelihood, government expenditure, and aid for farmers. To drive economic growth, all engines should advance in sync.

Some days ago the MOF issued economic stimulus measures, which only involved works of MOF, including promoting consumption increase, boosting the liquidity of economic system, encouraging people's expenditure and private investment. Those are measures that can be implemented by MOF. For other economic stimulus measures, one has to consult with relevant departments or responsible persons.

"In the past, there were four economic institutions. But now there is only one. All matters have been pushed with joint efforts. For economic incentives of different fields, you have to ask relevant departments. I believe that relevant departments are working on those matters," said Mr. Somkid.

According to the Minister of Finance Uttama Savanayana, economic circumstances at each stage should be considered in formulating economic stimulus measures of the stage. It takes time to see economic stimulus measures of the current stage, since there are some procedures to go through and the approval of economic cabinet is needed.

"Talking about the economic stimulus measures implemented in the past, many have delivered real results. The key is that we should not stop there under the current circumstances. We have to issue new economic stimulus measures. Government, private sectors, and all other parties should work together. Otherwise, economic confidence will drop and panic will be produced. I think that there are some improvements in the economic data of the current quarter. But we should not stop there and should release new measures. I hope all parties wait for the forthcoming measures," said Mr. Uttama.

He pointed out that MOF has monitored and assessed the economic stimulus measures that have been implemented. As for other measures, competent departments are working for the matters. MOF is only responsible for part of the works, not all. But it does not mean that the government has not pushed for works jointly. The government has pushed for works with joint efforts. As for details, one has to ask relevant responsible persons.

"MOF cannot answer questions that should be answered by relevant departments. But it does not mean a lack of coordination. We have pushed all works collectively. For details, you should ask relevant responsible persons," said Mr. Uttama.

Though MOF also participates in the assessment of works, its Fiscal Policy Office (FPO) only assesses overall economy, not the results of each measure, which falls into the purview of other departments. For the actual implementation of each measure, you should ask relevant departments. During the discussion of government departments, each responsible department reported on information related to export, consumption, and investment. But specific implementation is the responsibility of relevant departments and MOF only takes charge of matters of its own.

After the meeting of Ease of Doing Business, Deputy Prime Minister Somkid Jatusripitak said that the government has set a goal of enhancing the ranking of Thailand in terms of ease of doing business to top 20, and was confident on the objective. Many fields in Thailand wait to be improved, such as international trade. In this field, we have done many works previously. The problem is that we have not made relevant parties and the World Bank know what we have done.

An order has been sent to OCSC, aiming to make Thai people know the importance of business convenience, which matters not only to business, but also the whole business department and the society. Since foreign investors pay great importance to the ranking, greater business convenience in Thailand will enable smoother business activities and economic flow, simpler communication between the public and government, and the disappearance of relevant obstacles.

Source:InfoQuest, by Khara/Kasamarporn/Sasithorn, translated by Xinhua Silk Road

Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.


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Keyword: Thailand economy

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