Thailand's budget deficit drops

BANGKOK, June 1 (TNA) - The Thai government has successfully lowered its budget deficit, as the deficit for the 2014 fiscal budget, starting from October 1, 2013, should be slashed to 250 billion baht, a drop by 50 billion baht from the current 2013 fiscal year, which ends on September 30, 2013. Deputy Prime Minister and Finance Minister Kittirat Na-Ranong hailed the success in the falling budget deficit of the Thai government of Prime Minister Yingluck Shinawatra during the weekly TV and radio broadcast programme of the prime minister this morning. Kittirat, who oversees the national economy, noted that the cut should then enable the government's budget deficit to be lower than 2 per cent of Thailand's gross domestic product (GDP). Kittirat said he is optimistic that the incumbent Puea Thai Party-led coalition government should achieve a balanced budget in the foreseeable future. Members of the Thai House of Representatives on Friday passed with the majority vote the first reading of the draft 2014 fiscal budget bill amounting 2.525 trillion baht, after their two-day debate. The Thai deputy premier insisted that the incumbent government will control public debt, now standing at 44 per cent of the country's GDP, not to exceed 50 per cent of the GDP. (TNA)