Overseas loans for Thailand's contribution to coordinated international fiscal stimulus 2009
By Jon Fernquest
Almost every international economist of note
has been calling for coordinated
fiscal stimulus among all the governments of the world. This means that richer countries have to provide some loans to poorer countries with strict borrowing limits (Read Dani Rodrik).
The articles below from this week's Bangkok Post provide details on these overseas loans are working out.
Here are the articles in full:
Foreign borrowing for infrastructure projects
The Finance Ministry may raise foreign borrowings for economic and social programmes this year to $1.5-2 billion.The current target is $1 billion, split between loans from the World Bank and Asian Development Bank.
Under the law, new foreign borrowing can be no more than 10% of annual expenditures, or 183.5 billion baht for fiscal 2009 ending September.
The ministry has given tentative approval to several infrastructure megaprojects dependent on foreign loans, including a new Green Line mass transit system in Bangkok. The line will extend the BTS Skytrain from Mor Chit to Saphan Mai and from Soi Baring to Samut Prakan.
Another project will improve the rail service from the Northeast provinces to Laem Chabang Port along the Eastern Seaboard.
Also approved were irrigation programmes for farmers and the construction of new primary health centres.
economist of note -
well-known economist นักเศรษฐสาศตร์ที่มีชื่อ
coordinated - working together to achieve a goal ทำงานร่วมกัน
fiscal stimulus - incerases in government spending programmes and tax cuts to get the economy moving and growing again การกระตุ้นเศรษฐกิจ
tentative approval - approval not yet complete, awaiting final approval (not final, provisional) อยู่ในระหวา่งการพิจารณาอนุมัติ
Laem Chabang Port - Thailand's container port south of Bangkok near Pattaya ท่าเรือน้ำลึกแหลมฉบัง
Eastern Seaboard - the coastal area south of Bangkok, well-developed industrially, with ports นิคมอุตสาหกรรมชายฝั่งทะเลตะวันออก
primary health centres, primary healthcare centers - health care that is provided by a health care professional in the first contact of a patient with the health care system, small clinics and walk-in hospital clinics (See Wikipedia and Primary Care) ศูนย์รวมการรัษาพยาบาลและดูแลสุภาพ
coordinated - working together to achieve a goal ทำงานร่วมกัน
fiscal stimulus - incerases in government spending programmes and tax cuts to get the economy moving and growing again การกระตุ้นเศรษฐกิจ
tentative approval - approval not yet complete, awaiting final approval (not final, provisional) อยู่ในระหวา่งการพิจารณาอนุมัติ
Laem Chabang Port - Thailand's container port south of Bangkok near Pattaya ท่าเรือน้ำลึกแหลมฉบัง
Eastern Seaboard - the coastal area south of Bangkok, well-developed industrially, with ports นิคมอุตสาหกรรมชายฝั่งทะเลตะวันออก
primary health centres, primary healthcare centers - health care that is provided by a health care professional in the first contact of a patient with the health care system, small clinics and walk-in hospital clinics (See Wikipedia and Primary Care) ศูนย์รวมการรัษาพยาบาลและดูแลสุภาพ
Japan confirms funding for Bangkok mass transit
Japan has confirmed its financial support for the Red and Blue line railway services planned for Bangkok.Japanese ambassador to Thailand Kyoji Komachi, in talks yesterday with PM Office's Minister Veerechai Veerametheekul, said the Japan International Cooperation Agency (JICA) would handle the project financing in place of the Japan Bank for International Cooperation (JBIC).
The bank was incorporated with the cooperation agency late last year.
mass transit, mass transit system
- public transportation such as subway, bus,
elevated train, train, light rail, etc. ระบบการขนส่งมวลชน
confirm - state that an arrangement you made earlier that hasn't happened yet, will definitely happen in the future (for example, the financing for construction was confirmed, the hotel reservation was confirmed) ยืนยัน
Japan International Cooperation Agency (JICA) - an independent governmental agency that coordinates official development assistance (ODA) for the government of Japan (See Wikipedia)
cooperation - work together towards a goal ความร่วมมือกัน
Japan Bank for International Cooperation (JBIC) - a Japanese governmental financial aid institution, the main purpose of the institution is to promote economical cooperation between Japan and oversea countries by providing resources to foreign investments and by fostering international commerce, it also has a major role in promoting Japanese exports and imports, and the country's activities overseas (See Wikipedia)
X incorporated with Y - X was made made part of Y ก ร่วมมือกับ ข
confirm - state that an arrangement you made earlier that hasn't happened yet, will definitely happen in the future (for example, the financing for construction was confirmed, the hotel reservation was confirmed) ยืนยัน
Japan International Cooperation Agency (JICA) - an independent governmental agency that coordinates official development assistance (ODA) for the government of Japan (See Wikipedia)
cooperation - work together towards a goal ความร่วมมือกัน
Japan Bank for International Cooperation (JBIC) - a Japanese governmental financial aid institution, the main purpose of the institution is to promote economical cooperation between Japan and oversea countries by providing resources to foreign investments and by fostering international commerce, it also has a major role in promoting Japanese exports and imports, and the country's activities overseas (See Wikipedia)
X incorporated with Y - X was made made part of Y ก ร่วมมือกับ ข
The Red and Blue lines are part of three new rail projects planned for Bangkok at a cost of almost 212 billion baht.
Construction of the new lines is to start this year. The three rail projects are the 23km Purple Line, from Bang Sue to Bang Yai; the 27km Blue Line, from Bang Sue to Tha Phra and from Hua Lamphong to Bang Khae; and the 70km Red Line from Bang Sue to Taling Chan and from Bang Sue to Rangsit. Completion is expected in 2013.
The Purple Line got cabinet approval in October 2007. The project owner, the Mass Rapid Transit Authority, signed an agreement on March 3, 2008, with JBIC for credit to finance the civil works.
CKTC Joint Venture led by Ch Karnchang is tipped to win the first contract of the 60-billion-baht electric train deal after tendering the lowest bid to build a section of the Purple Line.
The 79-billion-baht Blue Line was approved by the cabinet on Oct 2. The 13-billion-baht Red Line section from Bang Sue to Taling Chan is at the bidding stage while the 59-billion-baht Bang Sue to Rangsit section is subject to environmental impact assessment approval.
civil works, civil engineering
work - construction work; the planning, design and
building of public buildings, roads, and bridges งานโยธา
credit to finance civil works - loans to pay for construction work เงินกู้สนันสนุนการก่อสร้าง
X is tipped to Y - experts believe that X will do or achieve Y (Obama is tipped to become president) เป็นที่เชื่อว่าจะประสบความสำเร็จ
X subject to Y - X must do Y which is required ต้องได้รับ
environmental impact assessment (EIA) - an assessment of the possible impact—positive or negative—that a proposed project may have on the natural environment (See Wikipedia) การประเมิณผลกระทบต่อสิ่งแวดล้อม
credit to finance civil works - loans to pay for construction work เงินกู้สนันสนุนการก่อสร้าง
X is tipped to Y - experts believe that X will do or achieve Y (Obama is tipped to become president) เป็นที่เชื่อว่าจะประสบความสำเร็จ
X subject to Y - X must do Y which is required ต้องได้รับ
environmental impact assessment (EIA) - an assessment of the possible impact—positive or negative—that a proposed project may have on the natural environment (See Wikipedia) การประเมิณผลกระทบต่อสิ่งแวดล้อม
(Source #1: Bangkok Post, business, in brief, 27-01-09, Foreign borrowing)
(Source #2: Bangkok Post, general news, 30-01-09, Japan envoy confirms rail funding, CHATRUDEE THEPARAT, link)
