Thai PM defends Bt2.2t loan bill

BANGKOK, September 19 (TNA) - Thai Prime Minister Yingluck Shinawatra has defended her government's plan on borrowing about 2.2 trillion baht, mostly from local financial institutes, to fund new mega-infrastructure development projects, mostly transportation ones. Yingluck insisted on the necessity of her government-proposed bill for the 2.2-trillion-baht borrowing to fund the new mega investment projects, before attending a House debate on the loan bill on Thursday morning, explaining that Thailand has had no new mega-infrastructure development plans for decades. Yingluck promised that her administration will uphold the national fiscal discipline, covering the set-ceiling of public debts, when spending of the loans, after the bill is passed by the Thai Parliament. Yingluck foresaw that her government's spending on the 2.2-trillion-baht sum should further stimulate domestic investment and the overall Thai economy. According to the prime minister, her government will, however, listen to reservations from the opposition and give sufficient time for the debate of the opposition. Earlier on Wednesday evening, the prime minister held talks with Thai and foreign commercial bankers in search of lending sources for her government’s 2.2-trillion-baht mega-investment plans over the next seven years. On the occasion, the Thai premier was assured by the bankers that the national economy has continued expanding in the second half of this year and there is sufficient liquidity in the local financial sector to support the government’s borrowing plan. (TNA)