The Thai government has concluded the figure of losses from its rice pledging project over 2 planting seasons, at 136 billion baht.

The national rice policy committee on June 17 concluded it will adhere to the calculation method employed by a subcommittee that works on closing the ledger for agricultural produce pledging projects.

The subcommittee, chaired by Finance Ministry Deputy Permanent-Secretary Supha Piyachitti, compiled the 136 billion THB without taking into account the pledging of rice for the current planting season of 2012-2013.

The subcommittee expects that when the loss from the current planting season is considered, the figure of losses from the pledging scheme could reach 220 billion THB.

Minister of the Thai Prime Minister Office Warathep Rattanakon asserts the loss was not as high as the 260 billion THB previously claimed by certain parties.

Warathep reported the conclusion of the loss figure to the Cabinet meeting on June 18 and proposed that the pledging price as well as pledging quantity be reduced to shave off some of the expenses of running the programme.-VNA