The completed plan will also be submitted to the National Economic and Social Development Board (NESDB).

Following a meeting with caretaker Deputy Finance Minister Chaiyot Sasomsub and SRT executives yesterday, caretaker Transport Minister Pongsak Ruktapongpisal said the three authorities had agreed to draw up a new business plan for the reorganisation and debt restructuring of SRT.

He said the plan would be presented and discussed at a meeting on September 6.

"Once we have reached a conclusion, it will be submitted to the NESDB," Pongsak said.

Pongsak said the plan would cover the development of the country's railway infrastructure, the procurement of locomotives and a strategy for transport and energy consumption.

Of the Bt42 billion owed by the SRT, Pongsak said the Finance Ministry would be responsible for Bt33 billion, which was derived from previous investments in rail infrastructure and losses from operating public transport.

The SRT will reduce the remaining debt burden of Bt9 billion to Bt5.7 billion by selling off a number of plots of land.

Pongsak said the SRT's financial executive believes it will be able to pay off its other debts with income generated from the authority's assets.

In order to be able to make future pension payments, of about Bt532 billion, the Finance Ministry suggested the SRT sets up a provident fund by selling property in Phaholyothin and Makkasan.

Watcharapong Thongrung

The Nation