Thailand to sell stockpiled rice at market prices

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Govt accepts it will lose on rice

Published: 7 Mar 2013 at 11.54
Online news: Local 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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porky
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Discussion 13 : 07 Mar 2013 at 18.3513
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Who in the PT Government gives a damn about the Thai taxpayer...
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englishbob
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Discussion 12 : 07 Mar 2013 at 18.1112
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"However, the government would not reveal the price, claiming it was "sensitive and secret". "

'Sensitive and secret' being synonyms for 'embarrassing and humiliating' in this sentence.
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englishbob
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Discussion 11 : 07 Mar 2013 at 17.3811
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Ta-daa!

I wonder what would happen if newspapers were to start reporting losses in terms other than billions of baht...

"Peua Thai MP Nawatthamrong Boonsongpaisan admitted on Tuesday that 10 hospitals and 25 schools would never be built due to the disastrous rice policy. In addition, long awaited repairs to rail tracks would have to be postponed again because the money had been spent on appeasing a voting bloc of rice farmers."
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CMfarang
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Discussion 10 : 07 Mar 2013 at 17.0410
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"...but it is good for the farmers" says Mr T.
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dao
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Discussion 9 : 07 Mar 2013 at 16.419
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I believe the governemnt doesnt care how much money this scam loses because its taxpayer money .
Is that comment tame enough to print .
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rfukata
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Discussion 8 : 07 Mar 2013 at 15.088
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so much for the brilliant 'rice cartel' plan
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DonAleman
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Discussion 7 : 07 Mar 2013 at 14.397
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200 billion loss IF someone is willing to buy this rice. Were I a potential buyer, full well knowing that Thailand is desparate to sell, would offer only way, way, way below the price Thailand would offer so 200 billion estimated loss could be much, much more.
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raimund
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Discussion 6 : 07 Mar 2013 at 14.186
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I am willing to buy two 5kg bags of 100% Jasmine rice for 120 baht a bag.This way I can at least get some of my wasted taxes back.
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bluebkk
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Discussion 5 : 07 Mar 2013 at 13.515
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500 BILLION??? Thank you PT/UDD.... fill your pockets and those of the New Elite of the North and let the poor Thai taxpayer pick up the bill for the rice scam?? Thank you Dubai....
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bluebottle
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Discussion 4 : 07 Mar 2013 at 13.124
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Are we surprised?The head line should read "Government to sell of your rice at a loss."
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Thailand to sell stockpiled rice at market prices | Bangkok Post: news

Govt accepts it will lose on rice

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