Cabinet approves financial decrees

The cabinet meeting has approved issuing of four financial decrees relating to acquiring loans for rebuilding the country and flood prevention, Atchaporn Charuchinda, secretary general of the Council of State, said on Tuesday.
The four proposals were put forward by the strategic committees for rehabilitation and future development and for setting up a water resource management system.
They are needed to help restore the confidence of Thai and foreign investors and to ensure the prevention of a recurrence of the floods in the long term, Mr Atchaporn said.
The Council of State must give advice to the cabinet on whether the issuance of bills and decrees is constitutional. It was not clear why the announcement was made by the Council of State and not the cabinet spokesman.
They decrees relate to the management debt owed by the Financial Institutions Development Fund (FIDF),  empower the Bank of Thailand to provide 300 billion baht for low interest soft loans for flood affected manufacturers, allow the Ministry of Finance to seek 350 billion baht in loans for financing projects to rebuild the country, and establishment of a 50 billion baht insurance fund.
“The restoration of investors’ confidence, the rehabilitation and rebuilding the nation and preventing flooding of  future projects must be rapidly started and therefore the issuance of these four decrees is necessary,” said Mr Atchaporn.
The secretary general of the cabinet would submit these financial decrees to His Majesty the King for royal endorsement, he added.

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