Thai Deputy Prime Minister and Finance Minister Pridiyathorn
Devakul announced his resignation from the two posts Wednesday, in
an abrupt move seen as another blow to the troubled interim
government.
Pridiyathorn told a press conference at the Government House in
Bangkok that he had submitted his resignation letter to Prime
Minister Surayud Chulanont Wednesday morning, and that the prime
minister had approved the resignation, which takes effect on
Thursday, March 1.
Rumors about his possible resignation had been running in
Bangkok for some days, but the abrupt announcement still shocked
the local media.
The former Bank of Thailand (BOT) governor was appointed last
October as Finance Minister and Deputy Prime Minister in charge of
economic issues of the post-coup interim government.
Though welcomed by many political and business parties when
appointed, the new financial head invited wide criticism over some
controversial policies. Among them were monetary measures to curb
currency speculation, including the BOT's decision to impose
30-percent reserve on foreign capital inflow since last December,
which promptly caused dramatic plunge at the local stock market,
and amendments to the country's foreign business act, which some
feared would further undermine foreign investors' confidence.
One of the reasons Pridiyathorn cited for his resignation was
Surayud's decision earlier this month to appoint Somkid
Jatusripitak, former finance minister and major economic architect
of the ousted Thaksin administration and a close aide to the
deposed prime minister, as chairman of an economic panel in
chargeof explaining Thailand's "sufficiency economy" policy to the
international community.
Somkid resigned from the new post just a few days after he
accepted the appointment, amid strong controversy.
Pridiyathorn said the Somkid appointment was done in a manner
showing lack of transparency in the government. He believed there
was some hidden agenda related to the former Thaksin regime behind
the appointment.
He also voiced his dissatisfaction with "a certain minister" who
had acted in favor of "a certain media" disregarding the fact that
the move was against the law.
Although Pridiyathorn did not name the minister in question, but
it was widely understood by political analysts that he was
referring to Prime Minister's Office Minister Thirapat
Serirangsan.
Thirapat reportedly had facilitated the Manager media group,
owned by Sondhi Limthongkul, a media tycoon known for his sharp
criticism against ousted premier Thaksin, to get access to a
government-controlled TV station. Appearing on a talk show,
Sondhihas launched constant attacks against the current
government's policies, Pridiyathorn being the prime target.
The resignation came as a shock to many parties in Thai
political and business circles, who urged the prime minister to
promptly pick someone competent to replace Pridiyathorn as the
economic chief.
Energy Minister Piyasawat Amaranand commented that
Pridiyathorn's resignation will considerably affect confidence in
the government and the country's economic and investment climate,
according to Thai News Agency (TNA).
Piyasawat said Pridiyathorn earned credit for having pushed for
key legislation which was approved by cabinet Tuesday to amend
rules and regulations of the BOT and the Securities and Exchange
Commission, he said.
The Federation of Thai Industries president, Santi
Wilatsakdanond, called on the Surayud government to make
clarifications regarding Pridiyathorn's resignation and see to it
that his replacement will be as competent and acceptable to the
country's financial and economic circles.
Chairman of the Joint Foreign Chambers of Commerce in Thailand
Peter Van Haren said Pridiyathorn's resignation may have
underscored some degree of instability of the Surayud government as
a whole and suggested the government restore the foreign investors'
confidence on a long-term basis.
Van Haren said the government should stabilize the political
climate so that investment and business could proceed as
normal.
Former Deputy Prime Minister and Finance Minister Virabhongsa
Ramangkura is seen likely to replace Pridiyathorn shortly, TNA
said.
Analysts said the resignation could lead to a major cabinet
reshuffle, which might help improve the tarnished image of the
interim government, installed by the military Council for National
Security (CNS) which staged the Sept. 19 coup last year to oust
former Prime Minister Thaksin Shinawatra.
The government has been under great pressure facing multiple
problems, among which are difficulties in eliminating Thaksin's
political legacy, escalated insurgent violence in southern border
provinces and unsolved mysteries about bombing attacks in Bangkok
on the New Year's Eve, diplomatic strain with neighbor country
Singapore, doubts about its recent economic and financial
measures.
Polls showed a steady downhill popularity rate of the government
in a five-month administration since it took office in last
October.
(Xinhua News Agency March 1, 2007)
