State enterprises managed to draw down 82 billion baht worth of investment for the seven months to April, helping spur the country's economic momentum.
Investment budget withdrawal accounted for 85% of the 45 state enterprises' target, Deputy Prime Minister Somkid Jatusripitak said after chairing a meeting on accelerated investment for such entities.
He said budget disbursement for related enterprises this fiscal year increased 17% year-on-year during the January-to-March quarter.
During that period, investment from state enterprises helped the country's economy grow at its fastest clip in three quarters: 3.3%.
Amid tepid private investment and the nascent export pickup, investment from the government and state enterprises has become a mainstay of economic growth.
State enterprises' budget disbursement rose 10% during fiscal 2016.
For the seven months to April, those enterprises whose investment budgets exceeded the target included the Provincial Waterworks Authority at 178%, the Metropolitan Waterworks Authority (120%), the Electricity Generating Authority of Thailand (115%), Aeronautical Radio of Thailand (104%), the Mass Rapid Transit Authority of Thailand (102%) and the National Housing Authority (101%).
The State Railway of Thailand (SRT), national oil and gas conglomerate PTT Plc and Thai Airways International (THAI) had the lowest disbursement rates: 64%, 62% and 47%, respectively.
Mr Somkid said PTT's low disbursement rate could be attributed to adjustments to its investment plan, but the pace is expected to pick up for the rest of the fiscal year. THAI's rate is likely to rise significantly after new aircraft deliveries in June. The SRT's disbursement efficiency must improve, Mr Somkid said.
The government requires each state enterprise to withdraw at least 95% of its planned annual investment. That disbursement is viewed as a key performance indicator for state enterprise chiefs.
Separately, Mr Somkid said the state must give more aid to those 4 million people living below the poverty line, as it is impossible to live on 80 baht a day.