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Bt110.62-bn cash-flow deficit

The government ran a cash-flow deficit of Bt110.62 billion in the first two months of fiscal 2008, Finance Ministry spokesman Somchai Sujjapongse said yesterday.

Published on December 18, 2007

Last month alone, the cash-flow deficit was Bt51.4 billion. The deficit does not threaten fiscal stability, because the government plans to run a fiscal deficit to boost economic growth, he said.

Government revenue totalled Bt225.17 billion in October and November, up 8.2 per cent against expenditures of Bt282.41 billion. This resulted in a budget deficit of Bt57.24 billion, and the government also ran an off-budget deficit of Bt53.37 billion. Big items of off-budget spending included redemption of Bt33 billion worth of treasury bills and transfer of Bt10.06 billion worth of value-added tax to local governments. The government plans to run a deficit of up to 1.8 per cent of gross domestic product for the current fiscal year, in which expenditures are set at Bt1.66 trillion.

Solution Corner wins renewal

Solution Corner (1998) has been awarded a renewal of its investment promotion from the Board of Investment for its software business, which will expire next March 3.

The company has mulled the purchase of increased capital shares of its wholly owned subsidiary Open Surf (Thailand) to maintain its stake in the company.

Open Surf (Thailand) has raised its registered capital to Bt5 million, an increase of Bt2 million.

Retailers attack  'unclear' Act

The Thai Retailers' Association yesterday criticised the draft of the Retail Business Act, arguing that it still contained many errors and unclear issues.

"Many accusations raised by local authorities about the destruction of traditional retail outlets by big modern retailers are not true. The draft is not talking about measures to improve the competitiveness of small retailers," said association president Thanapon Tangkananan.

"On behalf of modern trade retailers, we observed there was a strong attempt by the authorities to pass the Retail Business Act during the present government's term. However, there are many facts and information in this Act that are quite erroneous and untrue," he said.

Thanapon said that amid an economic slowdown, the Act would limit the expansion of big retail stores and their opening hours. The move would also result in a decline in employment and a reduced number of orders from local suppliers.

 The Nation


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