Rice-pledging schemes cause  682 billion baht loss

The Finance Ministry has finished  closing entries of accountings for 15 rice-pledging schemes  implemented since 2004 to 2014  with loss amounted to 682 billion baht.

But four pledging schemes implemented under the Yingluck government alone inflicted 510 billion baht loss.

The ministry’s permanent secretary Mr Rangsan Sriworasart, chairman of the rice pledging scheme closing entries subcommittee, said more than 85 million tons of rice were pledged under 15 pledging schemes launched by the governments from 2004 to 2014.

A total 1.1 trillion baht of budget had been spent for the 15 schemes.

He said after closing entries of all accounts, it revealed 682 billion baht loss, with four schemes implemented under the Yingluck government suffering 510 billion baht loss, and the remainder 11 schemes inflicting 163 billion baht in accumulated damages.

He said there are still 19.2 million tons of rice in government stockpiles valued at 225 billion baht.

He said the total loss had already  included  the rotting rice stocks
which was  estimated at 30 billion baht.

The Ministry will forward its findings to Prime Minister Gen Prayut Chan-o-cha for acknowledgement as soon as possible, he added.