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.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

Your comments

englishbob
Post : 2,393
Send message

Discussion 23 : 07 Mar 2013 at 19.1023
Post this to my Facebook
Peterl - " At least the decision to sell off pledged rice at market prices suggests an ability and willingness to face up to and take difficult decisions."

The 'difficult decision' is one of necessity... They HAVE no choice. This situation was made by PT and it's costing hundreds of billions. Worse still, Peua Thai are adamant they will continue with the scheme! Like a bad gambler chasing losses.

It's an outrageous, stupid scheme. You can't keep defending it. Condemn it. Show you have some ability to see Peua Thai flaws. Why not try to imagine the good 500,000,000,000 baht could have done for Thai people?
Like dislike 108 people liked / 3 people disliked this comment
Worzel
Post : 219
Send message

Discussion 22 : 07 Mar 2013 at 19.1022
Post this to my Facebook
Petrl - Had they not encouraged over production, had they not fixed overly high prices combined with a guaranteed buy policy then yes I would agree with you.
Like dislike 64 people liked / 1 people disliked this comment
john49
Post : 485
Send message

Discussion 21 : 07 Mar 2013 at 19.0421
Post this to my Facebook
'We don't just throw away the money, Thaksin said. The programme will lead to higher government revenue through the sale of stockpiled grain' The Nation 25/09/2012.
Like dislike 89 people liked / 3 people disliked this comment
djjp
Post : 583
Send message

Discussion 20 : 07 Mar 2013 at 18.5020
Post this to my Facebook
Disc 5 - Spot on with the new elite of the north. I live in Khon Kaen and there have been 2 huge mansions built by PTP ministers. One on the lake and another a bit further out. Started building them about 3 months after PTP won the election. Going by the size of them that is not money made by a ministers salary either unless 20 of them are living in it. Funny thing is the poor farmers living minutes away that struggle to pay the monthly electricity bill are the ones paying for it. I pity the poor's lack of education to understand what they have done to this country. At least Bangkok people are intelligent enough to vote against PTP.
Like dislike 113 people liked / 3 people disliked this comment
peterl
Post : 463
Send message

Discussion 19 : 07 Mar 2013 at 18.4919
Post this to my Facebook
The point is there is a rice glut on world markets, which is bad for Thailand as one of the top world rice producers. At least the decision to sell off pledged rice at market prices suggests an ability and willingness to face up to and take difficult decisions.
Like dislike 10 people liked / 108 people disliked this comment
bangmodken
Post : 1,305
Send message

Discussion 18 : 07 Mar 2013 at 18.4818
Post this to my Facebook
"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".

Wrong. The tax-payers are the losers while government officials will continue to stuff their pockets. This is criminal negligence.
Like dislike 109 people liked / 2 people disliked this comment
Tanami
Post : 40
Send message

Discussion 17 : 07 Mar 2013 at 18.4517
Post this to my Facebook
Thailand, the unlucky country!
Like dislike 60 people liked / 8 people disliked this comment
Worzel
Post : 219
Send message

Discussion 16 : 07 Mar 2013 at 18.4416
Post this to my Facebook
Is this why they camped out on the streets of Bangkok, to force Bangkok tax payers to fund buying rice that nobody wants? Why can't they grow something else or stop breeding.
Like dislike 88 people liked / 5 people disliked this comment
bluebottle
Post : 1,576
Send message

Discussion 15 : 07 Mar 2013 at 18.4215
Post this to my Facebook
When will you Thais realise the government is not making a loss you the tax payer are taking a loss it is your money. The sooner you realise this the sooner you will want to get rid of the corruption.
Like dislike 95 people liked / 2 people disliked this comment
faceless
Post : 234
Send message

Discussion 14 : 07 Mar 2013 at 18.4014
Post this to my Facebook
As critics of PTP have been pointing out since this scheme was floated: A typical PTP/Thaksin cynical ploy - buy the votes of the poor with taxpayers' money.
Like dislike 95 people liked / 2 people disliked this comment