Thai coup leaders take aim at economy

The military junta running Thailand has drawn up a list of emergency measures such as price caps on fuel and loan guarantees for small firms to kick-start an economy threatened by recession after months of political turmoil and demonstrations.

The plans, outlined by Air Chief Marshal Prajin Juntong late on Sunday after a meeting with officials at economic ministries, also take in longer-term measures such as the development of special economic zones on the borders with Myanmar, Laos and Malaysia.

The military toppled the remnants of former Prime Minister Yingluck Shinawatra’s on May 22 after months of protests that had forced government ministries to close, hurt business confidence and caused the economy to shrink. Yingluck was removed from office on May 7 along with several of her cabinet members by the Constitutional Court. That was followed by a decision by the National Anti-Corruption Commission to indict Yingluck over a controversial rice-subsidy program.

Prajin, who is overseeing economic matters for the junta, said 30 urgent proposals on the economy would be discussed with coup leader Gen. Prayuth Chan-ocha on Tuesday and Wednesday.

Among them, Prajin mentioned a form of price insurance for rice farmers, which would replace the rice-subsidy program.

The military rulers will also look at low-cost home loans to be offered through the Government Housing Bank.

Prajin says he has told the Finance Ministry to look at a complete overhaul of the tax structure and report to him next week.

The Nation newspaper said state enterprises including Thai Airways would put investment plans to Prajin on Monday and these would also be discussed with Prayuth this week.

On Sunday, the army council sent 5,700 troops and police into central Bangkok to stop anti-coup protests, which were mostly limited to small gatherings held around shopping malls.

The military has banned political gatherings of five or more people and protests.

Reuters