Thailand : New PM confident US liquidity squeeze won't affect mega-projects
New PM confident US liquidity squeeze won't affect Thai mega-projects
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BANGKOK, Sept 18 (TNA) -- Newly elected Thai Prime Minister Somchai Wongsawat said Thursday he believed that the liquidity problems due to the collapse of US investment bank Lehman Brothers and the liquidity crunch faced by the American Insurance Group (AIG) in the US would not affect Thailand and the Thai government's plan to invest on long-delayed mega-projects.
Mr. Somchai, elected prime minister by House members on Wednesday, told a press conference after meeting with caretaker finance minister Surapong Suebwonglee and key monetary and finance officials that he was told by the officials that the financial turmoil in the US would not overly impact Thai financial institutions, the stock market and foreign insurance firms operating in Thailand.
The problems in the US would not affect the new Thai government's policy on investing in mega-projects, said Mr. Surapong.
Permanent Secretary for Finance Suparat Kawatkul said Thailand's commercial banks did not have much exposure in the troubled US firms while the Thai government-sponsored mega-projects should not be affected because borrowing to finance in the projects would come from international financial institutions.
Mr. Surapong, also caretaker deputy prime minister, said immediate responsibilities for the new government are to create unity among the people in the country and the implementation of mega-projects.
He would prefer not to continue working as caretaker finance minister, he said, while a new government is being formed but he would be ready to cooperate with a new minister.
Caretaker deputy finance minister Suchart Thadadamrongwej said a working committee had already mapped out measures to cater to any impact on the Thai economy. He said Thai financial institutions did not have much business contacts with troubled US firms and, therefore, only a minimal effect would be seen. (TNA)
enews.mcot.net
pssst ....wanta buy a bridge ? :)
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