2 trillion loan vetoed by Court; government continues
The government's plan to borrow 2 trillion baht for infrastructure works was vetoed by the Constitutional Court yesterday. It is against the budget rules. Prime Minister Yingluck regrets the ruling, but the government does not attach any further consequences to it.
“It is a pity to miss out on an opportunity to progress and connect with the Asean region and become a regional investment hub. I hope the next government recognizes the importance of infrastructure development, adopts it and continues to develop projects [including the construction of four high-speed lines].”
The Court considered the trillions proposal at the request of the opposition party Democrats, after it was approved by the House of Representatives and Senate last year. Loans must be in line with budgetary rules – barring emergencies – and this loan was not. The Court also considered it proven that a member of parliament from ruling party Pheu Thai voted on behalf of party members by using their electronic voting card.
Wirat Kalayasiri, legal adviser to the Democratic party, tells Prime Minister Yingluck a so-called impeachment (impeachment proceedings) to begin. Yingluck doesn't mind. “The opposition is litigious and refuses to take the government's intentions into account. Look at the intentions. Do not use legal means to limit other people's rights, making it difficult for the country to develop.'
Minister Chadchart Sittipunt (Transport) says he respects the verdict, but 'the infrastructure projects must continue'. The judgment of the Court only concerns technical-legal aspects but has nothing to do with the planned projects. They have not been rejected by the Court and can be funded in another way, Chadchart said.
Chalerm Yubamrung, Minister of Employment, is "not thrilled" by the ruling. However, he is concerned about the National Anti-Corruption Commission's investigation into Yingluck's role as chairman of the National Rice Policy Committee. The NACC suspects it has been negligent in addressing corruption in the rice mortgage system.
When the NACC decides to prosecute her, she has to resign. Chalerm points out that the other ministers can continue to work on her behalf, so that the cabinet can remain in office.
(Source: bangkok mail, March 13, 2014)
Small calculation error I think, it is not about 2 Trillion but definitely about 2 Trillion, it is only a small difference!
Kind regards John khon kaen
@ John The order is million (6 zeros) – billion (9) – trillion (12) – quadrillion (15) – trillion (18).
The English trillion means trillion, the English billion billion.
See: http://nl.wikipedia.org/wiki/Lijst_van_grote_getallen
I saw a 10-minute video of a Constitutional Court judge discussing this $2 trillion plan in open court. I summarize: 'Wouldn't it be better to asphalt all dirt roads in Thailand first? Why do the Thais have to take a high-speed train to Chiang Mai, they can also take the bus? I think it's wasted money. Who's going to pay for that later?'
But in the end I agree with the statement: a government should not borrow money outside the budget.
The summary makes you think. It seems that there is clearly a political ruling by the Constitutional Court, or at least there are political considerations behind the ruling. For the umpteenth time, the legal rottenness of Thai politics comes into focus, or, viewed the other way around, the political rottenness of the Thai judiciary. Whether you are for or against the infrastructure plan: so much dirty syrup in economic decision-making, added to the political stalemate, can only lead to stagnation in the long term. Nung with the cap can of course pay the price.
Dick..an English gazillion with us 18×0 is then 12×0 in England, those English guys are such strange guys...kind regards, John