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 Bank & Finance
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24 Oct 07 06:14
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Finance Ministry asked to quickly submit financial bills to NLA
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TNA
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BANGKOK, Oct 23 - Concerned over the possible rejection of four Ministry of Finance-sponsored financial and economic bills by whatever new government is formed after the December general election, Deputy Finance Minister Sommai Phasee said on Tuesday that the ministry should quickly submit them for early consideration by the National Legislative Assembly (NLA).
He said the four bills should be passed to the NLA for its members consideration and approval as soon as possible because Assembly Speaker Meechai Ruchuphan said earlier that the legislative body would become the Senate after the December 23rd general election.
Draft laws which are not submitted or approved by the National Legislative Assembly before the election will have to be considered by the new government, which is thoughtlikely to be a coalition.
The four bills are the Bank of Thailand Bill, Currency Bill, Financial Institutions Business bill and the Deposit Insurance Agency Bill.
To date, the NLA has approved only the Financial Institutions Business Bill in its first reading.
Mr. Sommai said he expected all the remaining bills could be forwarded to the NLA for debate before the end of this month.
Thailand should borrow soft US dollars from abroad, says minister
BANGKOK, Oct 23 - The Thai government as well as the business community should borrow more US dollars from overseas while the American currency is softening, Thailand's Deputy Finance Minister Sommai Phasee said Tuesday.
At a time when some governments and businesses are divesting their dollar holdings, Mr. Sommai's recommendations provide food for thought.
Borrowing greenbacks could also help in refinancing debts, according to the deputy finance minister, adding that Thailand still needed more loans from the Export-Import Bank of China to finance its mega-projects in future.
On Monday, the Thai Cabinet gave a green light to the Finance Ministry to borrow not more than US$400 million for financing of the mega-projects. The loans would be available for the projects which require at least a 50 per cent import content from China and carry an annual interest of three per cent. Repayment will have to be made within 15 years with a five-year grace period.
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