According to the statement issued by the official of Finance Ministry committee of Thailand revealed that it is looking into the accounts of the rice pledging scheme which was introduced by the previous government has shown that the actual losses from the scheme are higher than the earlier estimates of around 680 billion baht (around $19 billion). In this matter, following the second meeting with the committee in this year, the Permanent Secretary of Finance informed that the losses have crossed the earlier estimated figure due to the deterioration of the stockpiled rice and falling in rice prices. Further, it has also been noted that the losses may be higher than the initial predictions if the interest rates and the rental fees are also taken into account.
Furthermore, it was also affirmed that no rice had gone missing from the stockpiles. The official of the Ministry, however, did not reveal the details of the scheme’s total losses and costs. The committee’s report is likely to be presented to the National Rice Policy Commission next week. Moreover, it has also been indicated that it is likely that the committee’s report may be used as evidence as it indicates the former Prime Minister and former Commerce Minister in the rice pledging case.