Thailand to sell stockpiled rice at market prices

Govt accepts it will lose on rice

Published: 7 Mar 2013 at 11.54
Online news: News

The government will have to sell off its rice stockpile amassed under the rice pledging scheme at market prices, PM's Office Minister Nawatthamrong Boonsongpaisan admitted on Thursday.

The government will have to take a big loss on the sale, because pledging prices were set much higher than the market price, he said.

Prime Minister Yingluck Shinawatra recently assigned Mr Nawatthamrong to oversee the rice pledging scheme and ensure that taxpayer funding for the programme does not exceed 500 billion baht per year.

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d_jh
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Discussion 53 : 08 Mar 2013 at 01.4153
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Do what the US, Japan, and many other countries do. Don't pay farmers for rice; pay farmers not to grow rice.
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buckseeda
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Discussion 52 : 08 Mar 2013 at 00.4452
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"Thailand will have to get rid of the surplus in the next few months to be able to continue the programme and purchase rice again," said Samarendu Mohanty, a senior economist at the International Rice Research Institute, a group based in the Philippines. "Thailand cannot continue to hold these stocks for a long time due to quality issues and also the space."

Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein
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brilliant
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Discussion 51 : 08 Mar 2013 at 00.0451
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" the red apologists and Thaksin worshippers on this forum: they are NOT blind, I guess they rather just decide to keep their eyes closed for reality when it suits them better, as their deafening silence on this topic very obviously shows... "

The rice scheme and the flood mitigation program. The recent editorial about the losses in the flood mitigation scheme also lacked any response by the normal red shirt apologists. They just turn a blind eye.
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Ramet in Dallas
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Discussion 50 : 07 Mar 2013 at 23.4450
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If you divide Baht 500 billion by the number of small farmers this was intended to help, I wonder what the figure would be. Compare this figure to the actual amount the small farmers recieved and the difference, times the number of small farmers, would be the cost of the corruption to the taxpayers.
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kasper
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Discussion 49 : 07 Mar 2013 at 23.4149
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If I admitted to have lost a few hundred billion of someone elses money, at least I would say sorry! I guarantee however that ms. Yingluck will never say that!
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kasper
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Discussion 48 : 07 Mar 2013 at 23.3248
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In many of the least corrupt countries in the world, all public accounts including all public purchases and spending is open to the public, and by law any citizen can request insight to all the information.

I can only think of one good reason why this is not the case in corrupt countries such as Thailand, and that is that it makes it much harder for government officials to steal from the public!
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Bangon
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Discussion 47 : 07 Mar 2013 at 23.1447
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What on earth can stop this catastrophy for Thailand, this is pure madness (except of course for the wealthy beneficiaries, that is)! But I have to change my opinion about the red apologists and Thaksin worshippers on this forum: they are NOT blind, I guess they rather just decide to keep their eyes closed for reality when it suits them better, as their deafening silence on this topic very obviously shows... No ready-made comment in the Amsterdam propaganda manual about this admitted blunder, is it?
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kasper
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Discussion 46 : 07 Mar 2013 at 23.0346
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I think it is now obvious to everyone but the red shirts, that Thaksin's rice scam is the single biggest and costliest mistake in Thai history!
Even the few farang supporters on BP have long stopped defending the rice scam.
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kasper
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Discussion 45 : 07 Mar 2013 at 22.5845
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"Govt accepts it will lose on rice"

PTP: "Yes yes dear tax papers, we know we have spent 500,000 million baht of your money. We took 30% for ourselves, and lost the rest. The good news is we accept the loss on your behalf! Oh, and by the way, we plan to do the exact same thing again this year and next year, but not to worry, we promise to accept those losses as well on your behalf!"
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dao
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Discussion 44 : 07 Mar 2013 at 22.5544
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Buy high and sell low .What a champion government we have .NOT
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