Finance eyes US-North Korea confrontation closely

The Ministry of Finance is keeping a close eye on developments in the US Syria war and the US-North Korea confrontation saying it has prepared measures to cope with possible emergencies that may arise.

Somchai Sajjapong, the permanent-secretary of the Ministry of Finance (MOF) stated that he believed there will be no direct impact on Thailand during the initial period of the US Syria war because the amount of trade between Thailand and Syria is marginal.

Mr Somchai however felt that the impact on the country’s major trading partners needs to be monitored closely.

On the whole, the MOF believes that Thailand’s economic foundation is still strong and will be able to adequately cope with global developments.

They however voiced their concern over the strong likelihood of a rise in global oil prices and conflict in Korean peninsula as a result of the move of US warships to Korean Peninsula.

To alleviate public fears, the Fiscal Policy Office of the Ministry of Finance stated that the MOF continuously monitors foreign conflicts which they then report to the government.

The government itself already has a set of protocols – be they monetary, financial or taxation; in place to ensure that the national economy is not adversely affected.

This is the results of painful lessons learned from past experiences when the country’s economic future was undermined by failure to cope with changing global circumstances.