There's always the Thaksin billions

There's always the Thaksin billions

The Jan 25 deadline promised by the government for the payment of rice farmers who have pledged their rice crops as far back as October is likely to be missed again.

There is still no good news about the government’s announced plan to raise funds through the sale of bonds and to secure loans from commercial banks to raise a total of 130 billion baht to pay the farmers through the Bank of Agriculture and Agricultural Cooperatives, the main sponsor of the rice pledging scheme.

The caretaker government is anxiously awaiting advice from the Council of State whether it can, through the Finance Ministry, go ahead to secure the needed funds through both means – offering bonds and obtaining bank loans. No details are available about the size of the bank loans or the bond isssue. That is treated as confidential and not for the public to know - like all information relating to the rice pledging scheme.

The government earlier tried to get the Election Commission involved in this matter, so that it could put the blame on the commission if it rejected the bonds and loans plan. The EC was smart enough and ruled that it was not within its jurisdiction to make a decision on such a matter, which was within the discretion of the government. In layman’s term, the EC told the government that it should decide by itself whether to go ahead with the loan and bond plans.

The EC warned that the government would have to accept the consequences if it is ruled afterwards that it was illegal for a caretaker administration, which has limited financial authority, to take this action. That means that caretaker Deputy Prime Minister and Finance Minister Kittirat Na-Ranong or any other government officials directly involved would be risking their own necks an that even the government could not come to their rescue.

There have been talks about the payments deadline being postpone again to the end of January. But, again, no-one in the caretaker government can guarantee that this promise will also not be broken -- again.

A group of farmers gathered in Phetchabun hold a sign reading, "My rice has been taken, so where's my money?" (Photo by Suntorn Khongwarakhom)

Rice farmers have become increasingly impatient. Sporadic protests have occurred in several provinces across the country as farmers have taken to the streets and set up roadblocks. The southern highway was blocked on Friday. Some of them have threatened to come to Bangkok to join the protests if they have not been paid by the promised Jan 25 deadline.

The prospects look bleak for the government, but there could be a flicker of light at the end of the tunnel. Consider this proposal, which was made by a core protest leader on Wednesday night at the Ratchaprasong rally site.

The protest leader suggested caretaker prime minister Yingluck Shinawatra approached her brother, fugitive former prime minister Thaksin, to advance money to the government so that the farmers will get paid first – partially, if not fully.

I could not agree more with this idea. Thaksin is extremely rich and he has a lot of rich friends. Just imagine the 46 billion baht seized from him by the court, and yet he still can afford to jet around the globe in a private plane and invest in several projects in Africa and other places.

Providing say half of the 130 billion baht needed by the government, so the farmers get paid, even though not in full, would be well worth it considering the benefits to be gained.

Thaksin’s image as a monster, an evil man, would be immediately transformed into super hero, or even a saint, in the farmers' eyes. Farmers’ protests would be called off and millions of them would go to the polls to vote for the Pheu Thai Party as usual. Many protesters may even change sides and praise him for his kind-heartedness and real love for the poor.

More importantly, he would help the government turn the tables and gain the upper hand against Suthep Thaugsuban and the protesters.

Wishful thinking? No, this is a pragmatic approach. Remember the business mantra: high risk, high return!

Veera Prateepchaikul

Former Editor

Former Bangkok Post Editor, political commentator and a regular columnist at Post Publishing.

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