BANGKOK, 14 August 2013 (NNT) – The Ministry of Commerce will discuss how to manage the budget allocated for the rice pledging program with the Ministry of Finance, as the cost has already exceeded the budget.
Commerce Minister Niwatthamrong Bunsongphaisan has admitted that 650 billion baht has already been spent in the rice pledging scheme since the launch of the rice pledging program for the 2012/2013 production season, which exceeds the 500 billion baht budget framework. Therefore, the Commerce Ministry needs to quickly release the rice stock it has so that it can repay the Ministry of Finance and eventually tone down the scheme budget to be within the 500 billion limit. Mr. Niwatthamrong indicates that the sale of rice will be done by means of government-to-government negotiations with countries such as Iraq, Iran, and Indonesia as well as the holding of domestic auctions for the rice in its stock.
Meanwhile, Deputy Agriculture and Cooperatives Minister Warathep Rattanakorn said it was possible that the rice pledging program would be terminated in 3 years, after the government achieved its objective in the program aimed at raising farmers’ income.
