FPO: Fiscal position still strong

Thailand's fiscal position remains strong in the first five months of fiscal 2014, making government spending the major engine driving the economy during the period, said Somchai Sujjapongse, director general of the Fiscal Policy Office.

"Treasury reserves were healthy and budget disbursements slightly exceeded projections," he said. 

In the first five months of fiscal 2014 (October 2013 to February 2014), the government booked 785.48 billion baht in revenue, 4.2% lower than in the same period in the previous fiscal year due to revenue from 3G spectrum auctions in fiscal 2013.

Budget disbursements were 1.22 trillion baht, up 6.3% year-on-year.

This resulted in a budget deficit of 433.17 billion baht. Combined with off-budget deficit of 54.50 billion baht, the cash deficit totalled 487.66 billion baht.

Since the government borrowed 120.31 billion baht to offset the deficit, the cash deficit was 367.35 billion baht and treasury reserves as of the end of February 2014 were 236.57 billion baht, Mr Somchai said.

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