BANGKOK, 26 February 2015, A preliminary report has disclosed that the subsidy program cost the Kingdom 700 billion baht since its inception nine years ago. The report by the sub-committee on closing the account of the rice pledging scheme also suggested that a majority of the losses, or 536 billion baht, were incurred under the Yingluck Shinawatra administration.
Permanent-Secretary of Finance and President of the Subcommittee Rangsan Sriworasat indicated that the remaining 163 billion baht was lost through 11 other rice pledging projects under the Abhisit Vejjajiva administration.
Mr. Rangsan commented that losses at the end of fiscal 2014 in September were rather small- an increase of 18 billion baht- compared to the one calculated at the end of May 2014. He explained that the higher price of grains at the end of September helped cushion the expense.
However, the Permanent-Secretary said there are significant differences between the reports of rice sales produced by the Department of Foreign Trade, the Department of Internal Trade, the Public Warehouse Organization, and Marketing Organization for Farmers.
He said these reports will be reviewed within the week. Mr. Rangsan added that once the figures are confirmed, a comprehensive report on the matter will be produced and forwarded to the Ministry of Commerce and the Prime Minister.
