Korn: Govt raising too many loans

Published: 29 Jun 2012 at 15.16
Online news:

Democrat MP and former finance minister Korn Chatikavanij said on Friday the government should rethink its plan to raise another 1.6 trillion baht in loans by cabinet decree to finance infrastructure development megaprojects.

He said the government should instead use the annual fiscal budget, which has a better monitoring system and is more transparent than a cabinet decree.

Mr Korn said the cabient had already passed a decree to raise 350 billion baht in loans, citing an urgent need, but there had been no disbursement of this "urgent" budget in the six months since.

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englishbob
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Discussion 15 : 01 Jul 2012 at 11.2215
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Well thank you John and Peter. But given the choice between the opinions of two rabid Thaksin fans and those of the Financial Times, I'll take the experts every time.
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johninbkk
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Discussion 14 : 01 Jul 2012 at 00.5614
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englishbob - Korn was appointed Finance Minister in the Abhisit administration in December 2009. The award was granted in January 2010. National debt was $65.09B in 2009, and jumped to $82.5B by the end of his term in 2011.
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peterd
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Discussion 13 : 30 Jun 2012 at 23.2513
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Bob, you're partially right, but a minister of finance have to controle the banks, certainly not to be awarded by them. It's exactly as if my students judged and awarded me. The job of the banks (and more in 2010) is only to make profit. Before to award a minister, maybe they could anticipate the actual catastrophe and it dominoes theory.
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englishbob
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Discussion 12 : 30 Jun 2012 at 19.5912
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Disc10 JohninBKK - The 'no name' magazine was the Financial Times magazine; Banker. Is there a bigger name in finance?
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englishbob
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Discussion 11 : 30 Jun 2012 at 19.1111
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Disc10JohninBKK - Absolutely shameless Red Propaganda and lies - The magazine that recognised Korn was The Banker Magazine, published by the Financial Times.
He was recognised for his work pulling Thailand through the global recession. I'm very disappointed in the drop in the standard of your posts. Perhaps you thought I wouldn't come back and check this thread.
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johninbkk
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Discussion 10 : 30 Jun 2012 at 09.2310
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englishbob 7 - The 'award' was granted to him by a random no-name magazine for his future potential to reduce Thailands national debt. Debt nearly doubled under his administration, and inflation was even higher than it is now. Look up debt and GDP growth rate over the last 12 years and you'll see who managed Thailands economy better.
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peterd
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Discussion 9 : 29 Jun 2012 at 23.219
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Pointoffew is one more time right. And this price inter-bankers means nothing. The bankers put the world so bad but have time to give "awards" to their friends. Korn, as the bankers, didn't see the tsunami on the mondial economy, didn't see the crisis of euro, and let a Thailand absolutely not competitive with a baht really overestimated. Tomorrow you will see the catastrophe for the Thai economy. Meanwhile i'm sure he have a lot of capacities, he just have to work for an elected and legitimate Gvt.
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pointoffew
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Discussion 8 : 29 Jun 2012 at 21.178
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englishbob, discussion 7, fact is that Thailand and the rest of the world have been "facing increased cost of living and inflation" (what's the difference?!) since decades.

I disagree with much of what the present administration does, and that includes its economic policy, but Korn wasn't any better. He actively supported and promoted a populist agenda with a very short-term vision, including price control, tax levy cuts, handouts. If you look at the picture from a distance, you will notice that very little has changed since the DP were ousted.
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englishbob
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Discussion 7 : 29 Jun 2012 at 20.537
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Disc1 Pointoffew - Korn was working in a different economic landscape - his handling of the economy was so successful he was awarded Global Finance Minister of the Year and Thaksin approached him to join his cabinet.
In June 2012 Thailand is facing increased cost of living and inflation, plus the looming European crisis knock-on.
This is a time for caution, not mega projects.
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khunpaul
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Discussion 6 : 29 Jun 2012 at 19.346
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majority disc 3: In January 2010, Korn was awarded "Finance Minister of the Year 2010" for both global and Asia Pacific regions.
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