Bangkok: Korn supports the establishment of a special committee to investigate the emergency decree on borrowing money.
According to Thai News Agency, Democrat Party MP Korn Chatikavanij argued during a House of Representatives meeting chaired by Speaker Sophon Saram that a special committee should be established to scrutinize the 400 billion baht loan under the Emergency Decree. Korn emphasized that the 2017 Constitution restricts Emergency Decrees to situations benefiting national security, public safety, and economic stability, and can only be enacted under urgent necessity.
Korn cited past examples, such as the 2009 global financial crisis and the 2011 floods, where the Constitutional Court approved emergency borrowing to stabilize the economy. He pointed out that during the 2009 crisis, Thailand faced a severe economic downturn and the Court approved borrowing, which led to economic recovery. Similarly, in 2012, post-floods, the Decree was approved to prevent potential investor withdrawal, although only 12 billion baht of the 350 billion baht was borrowed due to a lack of readiness for infrastructure projects.
Korn further questioned whether the current situation in Thailand truly constitutes an economic security crisis warranting an emergency decree. He urged the government to clarify the nature of the crisis and the urgency of projects necessitating such measures, while considering alternative funding options. He expressed personal belief that Thailand is not facing a national security crisis, and stressed that an economy's stability is not solely defined by GDP but also by consistent growth, international reserves, tax revenue, and public debt levels.
Additionally, Korn highlighted that the National Economic and Social Development Council reported a 2.0% economic growth in the first quarter, which, despite not meeting expectations, does not indicate a crisis. The Bank of Thailand's report of the highest-ever international reserves and the Ministry of Finance's report of exceeding tax revenue targets further demonstrate economic stability. Korn concluded that these factors indicate Thailand is not experiencing an economic instability problem at present.