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Thai Court to rule on constitutionality of executive decree concerning loan borrowing next week
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21:32, May 26, 2009

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Thailand's Constitution Court on June 3 will rule on constitutionality of a proposed executive decree, which will authorize the Finance Ministry to borrow 400 billion baht (11.64 billion U.S. dollars) in loans to shore up the sluggish domestic economy, Finance Minister Korn Chatikavanij said on Tuesday.

Korn earlier Tuesday testified to the Court about the urgency to issue the executive decree after the opposition Puea Thai Party petitioned the Court seeking its ruling if the executive decree has violated the charter.

The opposition has claimed the Constitution allows the government to seek loan only on an emergency basis.

Korn argued the 7.1 percent contraction of the country's gross domestic product in the first quarter of 2009 has proved that the economy is obviously in a critical condition.

Korn also predicts the country's second quarter economy will remain weak due largely to the political chaos in April.

Hence, he warned that if the executive decree is not passed by Parliament, the country's economy would be in troubled since some large portion of the 400 billion baht loans will be used to finance several investment projects to boost the economy.

Source: Xinhua

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