The disbursement of the government’s investment budget in the third quarter of this fiscal year has soared to nearly 40%, almost doubling the original target. This remarkable surge is thanks to the quickened disbursement measures, according to Finance Minister Pichai Chunhavajira. After a pivotal meeting of the Budget Disbursement and Public Spending Acceleration Committee, which he chaired, Mr. Pichai revealed that the swift allocation of the government’s investment budget has allowed funds to move through the economy at a more rapid pace.
In the remaining three months of this fiscal year, the goal is to expedite the disbursement process even further. Government agencies are diligently working to achieve the ambitious target of 70% of the 850 billion baht budget, he assured.
The meeting, held yesterday at the Finance Ministry, saw participation from over 20 agencies, including the Comptroller General’s Department, the State Enterprise Policy Office (Sepo), and various other ministries. Mr. Pichai emphasized the importance of righteous, appropriate, transparent procurement, and strict adherence to legal standards in public sector activities.
Patricia Mongkhonvanit, the director-general of the Comptroller General’s Department, highlighted that while the disbursement target for the third quarter was set at 21%, an impressive 38.6% has already been achieved. Despite this accomplishment, some agencies are falling behind schedule, prompting the finance minister to demand explanations for these delays.
Mrs. Patricia noted that the current focus remains on accelerating disbursement for government agencies and provincial clusters lagging behind targets. Approximately ten ministries are still in the red, with the meeting zeroing in on key ministries handling projects worth over 10 billion baht. To ensure timely disbursement, these ministries are required to report back to the Comptroller General’s Department within a week, particularly the Interior Ministry, which oversees all provincial clusters.
She explained that several ministries, delayed in disbursing their investment budgets, are still caught up in the procurement process. Some have yet to sign contracts, while others face hurdles such as gaining access to project sites or securing project change approvals from the Budget Bureau. The meeting underscored the urgency for these ministries to expedite their efforts to meet the disbursement targets.
Tibordee Wattanakul, Sepo’s director-general, stated that for the state enterprise investment budgets, totaling 257 billion baht for fiscal 2024, the objective is for no less than 95% disbursement of the total investment budget. As of February, 51% has already been allocated, a substantial increase over the 38% disbursement achieved in the previous year.
Mr. Tibordee conveyed that the finance minister has pressed all state enterprises and key ministries to accelerate their disbursement processes to sustain this upward trajectory. The progress thus far illustrates a collective effort towards achievement, promising a buoyant fiscal climate ahead.
It’s great to see the government’s funds being disbursed so efficiently! This could really stimulate economic growth.
I’m skeptical. Quick disbursement often leads to improper management and corruption.
Agreed! Fast isn’t always better if due diligence is compromised.
True, but Pichai emphasized transparency and legality. We should give it a chance.
Why is the Interior Ministry so slow? They need to get their act together.
Yeah, it’s frustrating. They always seem to lag behind!
Maybe they have more complex projects? Still, efficiency is key.
Pushing for 70% disbursement in such a short time is ambitious but doable. However, quality should not be compromised.
Exactly. If they rush, it could lead to subpar infrastructure and services.
Seems like a solid plan. The agencies just need to keep up the momentum.
I’m worried about the provincial clusters getting left behind. They need more resources.
Absolutely. Provincial areas often miss out on timely support.
I think this will be great for job creation. More projects mean more jobs!
Let’s hope these projects hire locally.
Accurate tracking and reporting seem lacking. Agencies need stricter adherence to deadlines.
Right? Accountability is crucial.
Why are some ministries still stuck in procurement? Speed up!
Back in my day, things got done without fancy committees. Just get it done!
This focus on legal standards is essential, but it can also slow things down. It’s a balancing act.
If the targets are met, how will it affect inflation? More money could lead to higher prices.
Good point. Inflation control needs to go hand-in-hand with disbursement.
Exactly, a surge in spending without proper checks could be problematic.
What measures are in place to ensure the procurement processes remain transparent?
Are we really supposed to believe that all this extra spending won’t lead to some ‘missing’ funds?
That’s a valid concern. There have been too many scandals in the past.
Let’s hope Pichai has strong monitoring and auditing systems in place.
Isn’t this just another political maneuver to make the current government look good before elections?
Could be, but if it benefits the economy, does it matter?
It matters if it’s masking real issues.
Impressive figures so far, but let’s see if they can maintain this pace till year-end.
Exactly. The final quarter will be the real test.
State enterprise’s 95% target for next fiscal year is too high. What if they can’t meet it? Timelines should be realistic.
If these targets are met, we could see some significant infrastructure improvements. Excited for that!
Transparency and adherence to legal standards are non-negotiable. But can these measures really curb corruption?
There’s always going to be some level of risk, but strict measures can definitely reduce it.
Why do we need 20 agencies to manage budget disbursement? Seems like overkill.
Ministries should be fined if they fall behind targets. Holds them accountable.