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Thailand to invest Bt30 billion ($1Bln) in riverside flood walls

Following the Constitution Court ruling on Wednesday in favour of the legality of two executive financial decrees, one urgent task is to construct riverside flood prevention walls with a budget of at least Bt30 billion, said Deputy Prime Minister and Commerce Minister Kittiratt Na Ranong.

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The pace of growth in the global economy is now clearly segmented between the stagnant Western economies and Asia's emerging markets. Even so, Thailand, more than other growing Asian markets, faces challenges ahead. The Thai Chamber of Commerce predicts, at most, five percent growth after this year’s devastating floods .

Following the Constitution Court ruling on Wednesday in favour of the legality of two executive financial decrees, one urgent task is to construct riverside flood prevention walls with a budget of at least Bt30 billion, said Deputy Prime Minister and Commerce Minister Kittiratt Na Ranong.

Construction of flood prevention walls along the rivers are aimed at replacing sandbag embankment used during the flood crisis last year.

Construction of flood prevention walls along the rivers are aimed at replacing sandbag embankment used during the flood crisis last year.

Construction of flood prevention walls along the rivers are aimed at replacing sandbag embankment used during the flood crisis last year.

The decrees will allow the government to borrow Bt350 billion in loans and transfer debt from the Financial Institutions Development Fund FIDF to the central bank.It is the duty of the House Speaker to present the motion to Parliament for consideration and the government is ready to clarify that while administrative work on water management will be done in parallel, Mr Kittiratt said.Another Bt60 billion of budget will be allocated to implement a floodway project with two million rai 800,000 acres of land to be used as water retention areas, he said.

The government has conducted a survey and found the appropriate 1.5-million rai 600,000 acres plots of land.The budget has already included compensation money to be paid for residents in those areas.

via Deputy PM Kittiratt: Bt30 billion to construct riverside flood walls.

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