The issuance of notes by the Bank for Agriculture and Agricultural Cooperatives (BAAC) appears to have met the same fate as attempts to borrow money from the commercial banks.
Today, the BAAC is trying to find candidates for 20 billion baht to pay the farmers, but the bank does not have to knock on the door of the Bangkok water supply company (MWA) and the national electricity company.
Yesterday, four hundred black-clad employees of the MWA protested against the management's plan to buy promissory notes (photo home page). Management immediately took it off the table. "We have decided to abandon the plan because we want everyone to work comfortably," said Governor Thanasak Watanathana. The MWA has a liquidity of 4 billion baht and had wanted to use 1 billion baht to help the farmers.
Ekachai Ekharnkamon, adviser to the MWA union, understands that the management has been pressured by politicians, "but MWA money should only be used for internal affairs."
At the Electricity Generating Authority of Thailand (Egat), the union did not even have to take action. Unlike the MWA, Egat has not yet been approached by the Ministry of Finance, but the Egat governor has already stated that the company only invests in energy-related matters. Egat has 50 billion baht.
Employees at the Telephone Organization of Thailand (TOT) were also dressed in black yesterday to elicit a statement from the management. The company does not even have money, because it is heading for a loss of 5 billion baht now that turnover is falling sharply. Director Yongyuth Wattanasin says it is the TOT's policy not to get involved in politics, "particularly in a political disagreement."
The Public Debt Management Office (PDMO) of the Ministry of Finance is not discouraged by the negative reports, but it does not expect to be able to sell out the promissory notes. According to a source at the ministry, the issue will restore the confidence of financial institutions in the validity of loans to the outgoing government. It is intended that a total of 80 billion baht will be spent.
Interested public companies are invited to make an interest offer today. If that is too high, the PDMO rejects it. The proceeds of the sale will be available next Wednesday.
In total, the government is desperate for 130 billion baht. That much is needed to pay the farmers who have been waiting months for their money for the rice they have surrendered under the mortgage system. All previous attempts by the government to find money have failed. No one wants to burn their fingers on loans that may be unconstitutional because of the caretaker status of the cabinet.
NACC headquarters besieged by red shirts
Two hundred red shirts chained off the headquarters of the National Anti-Corruption Commission (NACC) in Nonthaburi yesterday. They have set up a makeshift stage and say they will stay there until the committee resigns.
The state commission is investigating fraud in the mortgage system and Prime Minister Yingluck's role as chairman of the National Rice Policy Committee. The red shirts believe that the NACC applies double standards. The investigation into Yingluck is being rushed, but the irregularities under the (previous) Abhisit government are being ignored.
Prime Minister Yingluck has been summoned by the NACC to defend himself today. She is suspected of negligence and dereliction of duty for letting things take their course. Yesterday the Prime Minister visited the North; she refused to say if she will show up.
After the employees left and the building was sealed off, the redshirts burned an imitation coffin with the portrait of an NACC member. The road to the office was also blocked.
According to the newspaper, four army companies and a police company are stationed on the NACC grounds on Tuesday evening to ensure Yingluck's safety when she appears for questioning. But I don't understand that, because the coverage of the action of the red shirts does not mention surveillance at all. Nice and clear all.
(Source: Bangkok Post, February 27, 2014)
Getting rid of Yingluck will only bring bad luck. With the capital of this entire corrupt family you can pay all these poor farmers.
Will be wrong again, but it is scandalous, people who commit suicide out of desperation
container blankets for the north no longer help, they have also woken up. Already 4 months waiting for your hard-earned money Cannot be filmed
The next harvest is already underway. Is that harvest still guaranteed or has the rice system already been cancelled?
@Jack G Let the next government decide on that. The current one is only allowed to handle current affairs. The 'second crop' starts in March and lasts until October.