Proposed ceiling of S$100b for 2015 budget

Proposed ceiling of S$100b for 2015 budget

The budget bureau will tomorrow propose a ceiling of Bt2.6 trillion (S$100 billion) for the fiscal 2015 budget to the National Council for Peace and Order.

"This is believed to help boost economic growth [by 6 per cent]," director Somsak Chotrattanasiri said yesterday.

About half of the budget has been completed. That would produce a deficit of Bt200 billion, which was an improvement over the Bt250 billion deficit in the current budget.

Somsak said the implementation of the fiscal 2015 budget should be announced by October 1 as scheduled, moving up from early next year as previously targeted.

The expenditures for investment would include infrastructure projects such as double-track railways and flood-water protection, but not a high-speed train.

The bureau focuses on fiscal principles and has set a goal of balancing the budget by 2017.

For the fiscal 2014 budget, the office targeted Bt2.525 trillion in expenses and Bt2.275 trillion in revenues, marking a deficit of Bt250 billion.

The deficit would be financed by loans, including the Bt90 billion overdue payment to farmers under the rice-pledging scheme. Of that, Bt40 billion was expected to be paid to the farmers in a few days and the remaining Bt50 billion later on.

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