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343280
Thu, 10/02/2014 - 06:45
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Thailand Announces Stimulus Package To Create Jobs, Raise Income

By Piyarat Nisangkard BANGKOK (Thailand), Oct 1 (Bernama) -- Thailand announced on Wednesday an economic stimulus package worth US$10.02 billion (324.465 billion baht) to create jobs and increase incomes to boost economic growth in the first quarter of fiscal year 2015. (US$1 = 32.36 baht) Prime Minster Gen. Prayuth Chan-ocha said the cabinet on Wednesday approved the spending that includes 147 billion baht from the government investment budget of fiscal 2014 and 129.522 billion baht from the budget of the first quarter of fiscal year 2015. Speaking to reporters after the weekly cabinet meeting here, he said he expected the allocation, to be invested in renovation of government offices across the country to increase people's incomes from job creation, would have a positive impact on economic growth. Meanwhile, deputy prime minister and minister of finance Pridiyathorn Devakula said the ministries have been assigned to list projects to be done within three months under the of 147 billion baht budget for renovation of the government offices. Just 20 per cent of the budget is enough to mobilise the economic system with job creation and raising people's incomes, he said. As for the 129.522 billion baht from the first quarter 2015 budget, he said he believed 30-40 per cent of the package will be disbursed in the period. The two packages will help the economy, which is now facing slow growth, to immediately rebound, he said. He said rounding up the entire stimulus are two other packages from the budgets from the 2005-2013 and 2012-2014 periods of 24.89 billion baht and 23 billion baht respectively. They cover several projects for renovation of buildings, roads and schools involving several ministries such as education, defence and public health as well as the irrigation department, he added. On another subject, Prayuth said the cabinet also approved a five-day holiday from Dec 31 to Jan 4 for the coming new year. The long public holiday is expected to boost domestic consumption and the tourism industry, he said. --BERNAMA

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