GOVERNMENT spending in the first eight months of the fiscal year came to only 64.4 per cent of the total investment budget of Bt2.9 trillion.
Up to 71.8 per cent of spending was for regular expenses, with the remaining 37.1 per cent for investment, a source from the Finance Ministry said.
“We are spending the investment budget at a lower rate than our estimates, which is for us to spend the investment budget at up to 87 per cent of the total investment budget for the year,” the source said.
Currently, state agencies have signed contracts that come to 63.9 per cent of the total investment budget for this fiscal year. Most of them expect to spend the remaining allocation in the rest of this year, the source said.
Meanwhile, the state own agencies have continued to expand their investment in line with their targets, such as for the National Housing Authority of Thailand to spend its investment budget at a rate of 78.87 per cent of its total investment budget this year. The Tourism Authority of Thailand has spent 67.7 per cent of its total investment budget for this fiscal year.
The Mass Rapid Transit Authority of Thailand has spent 59.87 per cent of its total investment budget this year. The National Science Museum has spent 41.5 per cent of its total investment budget, and the Bangkok Mass Transit Authority has spent 39.56 per cent of its total investment budget for the fiscal year. However, it is the government’s policy to speed up spending under the investment budget to boost the country’s economic growth. As a result, most agencies will have to accelerate their spending for the rest of this year, the source said.
In the first six months of this fiscal year (October 2017 till March 2018) the budget spending was Bt1.47 trillion, or 50.7 per cent of the total budget of Bt2.9 trillion – a drop of from early estimates of 1.59 per cent.
Up to Bt1.289 trillion of the total spending was for regular expenses, or 57.6 per cent of the budget of Bt2.24 trillion. Some Bt180 billion was spent under the investment budget, representing 31.3 per cent of total investment budget for this fiscal year of Bt577 billion. The investment spending in the first six months of this fiscal year was lower than the early estimates 11.81 per cent.