The labour union of the Financial institution of Agriculture and Agricultural Cooperatives (BAAC) has voiced opposition to the federal government’s plan to borrow about 172 billion baht from the financial institution to fund the “digital pockets” scheme.
Prayat Thammakhan, secretary-general of BAAC union, stated financial institution’s staff are involved that such a staggering quantity of lending by the financial institution could have an effect on depositorconfidence and the steadiness of the financial institution.
Furthermore, he stated the staff are afraid that the plan could repeat the error of a few decade in the past, when the BAAC board was pressured by the then authorities of prime minister Yingluck Shinawatra to lend the federal government about 50 billion baht to fund the notorious rice pledging scheme, leading to super loss for the state and the lending financial institution.
He stated that the union disagrees with the opinions of Council of State and authorized advisors of the Finance Ministry, that the federal government can borrow cash from BAAC to fund the digital pockets scheme, and can submit protest notes to each businesses difficult their opinions.
In response to BAAC, the federal government’s authorized advisors have interpreted a provision of the BAAC Act, pertaining to tasks or programmes selling agriculture and farmers’ livelihoods, in a means useful to digital pockets scheme.
The BAAC labour union cited a current opinion by former finance minister Korn Chatikavanij, claiming that the BAAC regulation doesn’t present leeway for the financial institution’s cash for use to stimulate the economic system or for use for endeavours not conducive to the targets of state enterprises.
Korn additionally identified that looking for to borrowing from the BAAC to fund digital pockets scheme is a violation of fiscal self-discipline.
Former election commissioner Somchai Srisutthiyakorn, in the meantime, stated that he has learn by the BAAC Act a number of occasions and didn’t discover any provision that might permit the federal government to borrowing from the financial institution to fund the scheme “except the financial institution’s board agrees to the federal government’s want at their very own threat of imprisonment.”
The federal government plans to begin distributing 10,000 baht “digital cash” every into the accounts of about 50 million Thais who’re eligible for the profit within the fourth quarter of this 12 months.
