InfoQuest (January 14, 2020) -- Ms. Narumon Pinyo Sinwat, spokesperson for the Prime Minister, revealed that a cabinet meeting approved the measures to accelerate the budget expenditure for the fiscal year 2020 as an important mechanism to promote the central budget and other department budget expenditure to stimulate the economy. The related funds will drive Thailand's economy to develop efficiently and properly, as well as the implementation of national strategies.
In terms of the target, after the budget bill for the 2020 fiscal year was approved by the House of Representatives, the government has rolled out measures to accelerate the budget expenditure for the second quarter of the fiscal year. The overall budget expenditure target is set at 54 percent, with approximately 1 trillion baht of budget funds expected to enter the national economy by the end of the second quarter of the 2020 fiscal year (end of March 2020), including 770 billion baht of regular spending and 220 billion baht of investment spending.
"The Budget Bureau will release guidelines for budgeting and approve the budget allocation in accordance with the national budget regulations. Relevant departments obtaining budget funds shall follow the regulations made by the Bureau," said the spokesperson.
Ms. Narumon said the meeting has approved to allow departments receiving budget allocations to speed up spending or complete loans. When it comes to the budget funds that must be spent by local offices, the relevant departments should expedite the allocation of the budget to local offices. For loans carried over to the next fiscal year and projects that have never been implemented before, the Bureau must review whether the reference prices during the bidding and procurement process are appropriate or not, and approve and urge departments receiving budget funds to decide project delivery dates as soon as possible, so as not to miss budget expenditure in September 2020.The new project list shall be completed by May 2020.
In the meantime, the Ministry of Finance shall review and implement projects according to relevant laws and regulations to ensure that departments receiving budget allocations can use budget funds as efficiently as possible and make the work in line with the actual situation. Loans will be made immediately after the 2020 fiscal year budget bill takes effect. The government set a target that 100 percent regular spending shall be realized by the fourth quarter of fiscal 2020 (September 2020), as well as 100 percent investment spending.
Source: InfoQuest, by Nisarat Wichiensri/ Kasamarporn / Rachada, translated by Xinhua Silk Road
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