NCPO caps diesel, LPG price as part of 30 urgent economic plans
June 02, 2014 00:00 By Erich Parpart The Nation
The National Council for Peace and Order (NCPO) yesterday agreed on capping the diesel fuel and LPG price in a bid to help relieve people's burdens, until the oil price structure is reformed.
This was among 30 immediate plans to drive the country’s economy forward. Among other plans, the junta emphasised including a framework of 10 long-term issues, financial restrictions, restoring the confidence of the country and aiming to become a leader in Asean.
After a four-hour meeting with high-ranking state officials, Air Chief Marshal Prajin Juntong, the junta’s economic chief, revealed that the NCPO chief General Prayuth Chan-ocha wanted to maintain the price of diesel for 30 days and liquefied petroleum gas (LPG) at Saturday’s price of Bt22.60 per kilogram until there were further discussions on the reform of the oil and gas price structure.
He said reform of the tax structure would be discussed later with the Finance Ministry next week. Value-added tax (VAT) would be maintained at 7 per cent for one more year.
The 30 urgent economic issues discussed yesterday aim to solve before the end of June issues related to financial institutions, residential areas, and strategic issues.
The junta’s economic chief revealed that 30 urgent issues have been categorised into 10 economic policies, which include:
1 Spending will not exceed the initial budget, to maintain financial discipline, and prevent increasing public debt;
2 Revive the confidence of foreign and domestic investors;
3 Proceed with delayed projects under the 2014 budget;
4 Projects that have legality issues will be reprioritised based on their importance to the economy;
5 Consider special projects such as promotion of border trade for small and
6 The economic plans will adhere to rules and regulations of financial discipline, the capital market and registered companies;
7 Set up a private fund to lower public investment;
8 Modernisation of state enterprises;
9 Achieve energy stability;
10 Economic plans will be based on transparency.
The tangible goals of the economic roadmap are to achieve financial discipline, promote renewable energy, develop basic infrastructure and become one of the leaders in the Asean community.