Bureau to submit Bt1.5-trillion draft budget
The Budget Bureau will submit to the Cabinet on October 17 a Bt1.5-trillion draft budget for fiscal 2007 that includes an expected deficit of Bt100 billion.
Vudhibhandhu Vichairatna, director of the Budget Bureau, said the figures would be finalised on Monday in consultation with the Finance Ministry, the National Economic and Social Development Board and the Bank of Thailand.He said the budget was based on the assumption that the economy would grow by 4.5 per cent and the inflation rate would be 3.8 per cent. Of the total, 24 per cent will go on investment and 70 per cent on regular spending programmes, he said. There had been concern that the budget might be put on hold because of the political stalemate pending House approval, but the interim government of Prime Minister Suravud Chulanont has the authority to circumvent the normal budgetary process. Vudhibhandhu said that once passed by the Cabinet and then by the soon-to-be-formed National Assembly, the budget would be ready for disbursement by January. Pannee Sathavaradom, director of the Public Debt Management Office, said the government planned to issue bonds and treasury bills to finance the budget deficit. She added that her office had been studying this notion for some time and would need only a short while to work out the details.
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