Finance Minister Korn’s win of Financial Times Banker’s awards to help restore confidence

BANGKOK, Jan 9 (TNA) – The selection of Thailand’s Finance Minister Korn Chatikavanij by the Financial Times Group’s ‘The Banker’ magazine as the Outstanding Global Finance Minister of the Year 2010 and Asian Finance Minister of the Year 2010 will help restore foreign investor confidence and reaffirm that the government’s economic policy is on the right track, according to Democrat Party Spokesman Dr Buranat Samutrak.

The magazine reported policies that help jump start the economy include the 2,000-baht government cheque package, an allowance for the elderly, and living cost reduction measures, which are part of the Democrat Party’s 99 day action plan and the Thai Khem Keng (Strong Thailand) scheme.

“Against a backdrop of ongoing domestic political upheaval, Thailand has succeeded in containing the budget deficit with a projected decline in the deficit for 2010. While GDP growth for 2009 has retracted by around minus 3.5 per cent, it is due to bounce back, reaching a solid 3.7 per cent for 2010,” he quoted The Banker as saying.

Under questioning Dr Buranati conceded the government would experience key risk factors for the second year of its performance, particularly political disturbances that could affect investor confidence and trust.

However, it is believed the government’s measures to relieve farmers’ difficulties, including the crop price guarantee scheme and the farmer income guarantee project, would help boost confidence among farmers that they would not suffer losses, he added.

Finance Minister Korn has become the first Thai minister to receive the awards.

He was selected as the top candidate for the awards in competition with outstanding finance ministers from around the world. A survey of global analysts, bankers and economists showed that Mr Korn demonstrated an astute handling of the financial crisis, a progressive and proactive style of management, strong leadership qualities and the ability to overcome major economic and political challenges. (TNA)