The government plans to counter Moody's Investors Service's warning about the perils of the rice-pledging scheme. The rating agency said the scheme's higher-than-anticipated losses could hurt the economy and cause a downgrade of the country's credit rating.
Prime Minister Yingluck Shinawatra on Tuesday instructed Commerce Minister Boonsong Teriyapirom to reveal details of the operating costs of the scheme, which is reported to have lost an estimated 260 billion baht for the 2011-12 harvests.
Moody's assessment of the economy vis-a-vis the Pheu Thai Party's flagship populist policy and its credit rating warning have harmed Thailand's image. And if the warning is actually carried out, domestic and foreign investment here would be hard hit.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.