BANGKOK, March 25 – The government-proposed bill seeking Bt2 trillion in loans for Thailand’s infrastructure investment is slated to be submitted to the House of Representatives on Thursday.
The bill empowers the Finance Ministry to borrow the mammoth loans by Dec 31, 2020 for development projects and economic expansion to usher in Thailand to a state of preparedness for the launch of the ASEAN Economic Community in 2015.
Attached by a 268-page appendix on more than 100 mega projects, the bill bypasses the traditional requirement for the Finance Ministry to transfer the loans to the state’s coffer as stipulated in the laws on budget and finance.
According to the bill, the Finance Ministry is obliged to create a system to monitor and evaluate all projects under the loans while the cabinet is required to report loan results and project execution to Parliament within 120 days after the end of each fiscal year.
Some of the major projects in the appendix include expanded dual rail track lines, development of marine ports on the eastern and western coasts of Thailand and high-speed train projects.
State Railway of Thailand Governor Prapas Chongsanguan said surveys, environmental studies and public hearings will be launched soon on the high-speed train system.
