Thailand's Constitution Court to rule on loan decree on June 3
Published: 26/05/2009 at 01:54 PM
The Constitution Court will announce its ruling on the constitutionality of the executive decree authorising the Finance Ministry to seek 400 billion baht in loans on June 3, Finance Minister Korn Chatikavanij said on Tuesday.
Mr Korn said the decision was urgently needed.
The 7.1-per-cent contraction in the gross domestic product (GDP) in the first quarter showed the economy was clearly in a critical condition, he said.
If the government's economic stimulus plan could not be implemented promptly, there would be more economic problems.
He said the government was ready to clarify all the details of different investment projects in the parliament after the court gave its decision on June 3.
He expected it would rule in favour of the government.
The opposition might have a hidden agenda in seeking a ruling on the decree, Mr Korn said.
He demanded the opposition explain its decision and propose alternatives to solving the economic crisis.
"In this kind of economy, who would say that the problem is not urgent and I don't know what the opposition is thinking.
"If the opposition sees the problem as not urgent, they should come up with constructive suggestions without obstructing the government," the minister said.
Chiang Mai MP of the Puea Thai party Surapong Towichakchaikul admitted the government would probably win the case.
He said the opposition wanted to point out that there was no urgency which required the loans be authorised by decree, rather than by normal procedure. He claimed the financial figures in the executive decree were inaccurate and unclear.