Bangkok: Political observer Thepthai Senpong has voiced concerns over the Thai government's decision to borrow 500 billion baht, emphasizing the need for transparency to avoid hidden projects aimed at recouping investments.
According to Thai News Agency, Prime Minister Anutin Charnvirakul has assigned Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas to clarify the necessity of the borrowing plan. Ekniti confirmed the government's intention to issue an emergency decree for the borrowing, asserting that there is no need to raise the public debt ceiling at this time. This admission follows previous reports indicating the government's consideration of such a financial move.
Thepthai questions whether the government will employ an emergency decree or incorporate the borrowing into the annual budget process. The economic situation, especially the fluctuating oil prices, adds to the complexity of the decision. Energy Minister Ekanat Promphan recently announced a reduction in fuel prices, suggesting an improvement in the oil crisis, which could potentially negate the need for emergency borrowing to subsidize fuel costs.
Thepthai argues that if the borrowing is conducted through the annual budget process, it allows for parliamentary scrutiny, ensuring that the funds are used efficiently and for necessary projects. He warns that bypassing this process with an emergency decree could lead to suspicions of hidden projects and concentrated fund allocation, primarily benefiting specific groups or ministries.
The political observer calls for the government to involve representatives of the people in the oversight process, advocating for a transparent approach to address the nation's financial challenges. Thepthai stresses that while the government possesses the power to issue emergency decrees, the responsibility and debt ultimately fall on the entire nation.