Budget utilisation put at 93%
Government spending accelerated last month and the Finance Ministry expects the government to meet a target of 93 per cent of budget utilisation this fiscal year.
Ministry spokesman Somchai Sujjapongse said yesterday that spending in February had reached Bt180 billion. "If the government can spend Bt120 billion-Bt130 billion each month from now on, that would mean 93-per-cent spending of the budget worth Bt1.57 trillion for the current fiscal year," he said. Public spending in the first four months of the 2007 fiscal year - from October to January - was Bt397 billion, sharply below target due to the political crisis. The government ran a fiscal surplus of Bt70.77 billion in the first four months, equivalent to 0.8 per cent of gross domestic product. Somchai said the surplus suggested that public spending had yet to function in boosting economic growth during the first four months. The government plans to run a fiscal deficit of 1.7 per cent of GDP this year and 1.3 per cent next year. The Cabinet on Tuesday approved a fiscal budget plan for 2008 worth Bt1.635 billion, with a deficit of Bt120 billion. The government plans to use both fiscal deficit and lower interest rates to boost economic growth this year. The Finance Ministry projects 2007 GDP growth at 4 to 4.5 per cent, compared with 5.1 per cent last year. Wichit Chaitrong, THE NATION
|
