Thai government assures of limited public debt

BANGKOK, September 21 (TNA) - The government says that Thailand’s public debt will be limited at 50 per cent of the country's gross domestic product (GDP), despite its planned borrowing of 2.2 trillion baht to fund mega infrastructure development projects over the next seven years, mostly in the transportation sector. Deputy Prime Minister and Finance Minister Kittirat Na-Ranong (กิตติรัตน์ ณ ระนอง) told the public of the Thai government's policy during the weekly TV and radio programme of Prime Minister and Defence Minister Yingluck Shinawatra on Saturday morning, acknowledging that the country’s financial discipline stands at 60 per cent of the GDP but the planned borrowing of 2.2 trillion baht, the amount of which is separated from the government’s budget expenditure, will help keep Thailand's public debt at 50 per cent of the GDP. According to the deputy prime minister, the Thai government has also taken into consideration its payment of the 2.2-trillion-baht loan, both its principal and interest, mostly from domestic financial institutes. The deputy premier elaborated that the government's investment on the new mega projects over the seven years accounts for 700 billion baht annually on average, while excess in liquidity in the country now stands over three trillion baht, which is more than enough, while the debt settlement is about 50 years. Meanwhile, Transport Minister Chadchart Sittipunt (ชัชชาติ สิทธิพันธ์) told the public during the same programme that there are a total of 53 new environmentally-friendly transport development projects to be implemented over the next seven years, which, upon their completion, will help save people's costs on rail transportation. (TNA)