Accountability: Thailand’s Rice Mortgage Scheme

The Cabinet has decided to form a committee to inspect rice stock in warehouses participating in the rice mortgage scheme after receiving different numbers on the quantity of rice left in the warehouses.

Prime Minister Yingluck Shinawatra said after the Cabinet meeting on Tuesday that the Cabinet had acknowledged that the rice mortgage scheme had made losses of about 130 billion baht. The Cabinet therefore instructed the National Rice Policy Committee to see if the mortgage price could be reduced from 15,000 baht a ton and set up a panel to inspect the stock of rice in participating warehouses across the country.

Ms Yingluck admitted that the rice mortgage scheme had made losses in accounting terms, but it had been somewhat successful in terms of policy as it had profited Thai farmers and the economy. The PM also confirmed that the government would continue to sustain fiscal discipline and there would be no Cabinet reshuffle at this moment.

 

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