Finance Ministry approves deficit budget for 2008

Deputy Prime Minister and Finance Minister MR Pridiyathorn Devakula blamed Thaksin Shinawatra government's huge amount of hidden debts on continual budget deficit in 2008.

The Finance Ministry has earlier concluded a fiscal budget for 2008 of Bt1.635 trillion with a deficit of Bt120 billion or 1.3 per cent of GDP under the assumption that GDP would grow 5 per cent. The deficit was, however, slightly lower than a deficit of 1.7 per cent of GDP in 2007.

Pridiyathorn said the continual deficit for the second year is needed because of the past government has managed economic policies that create hidden debts. In addition, current economy also needs fiscal deficit.

The government's investment in 2008 represents as high as 25 per cent of total budget. But the government is likely to disburse at 25.5 per cent.

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