Now that the Thai cabinet meeting on Tuesday just gave the nod for a government's proposal to sell 350-billion-baht (11.14 billion U.S. dollars) in bonds domestically to fund long-term flood management plan which if fails, the country, not just the government, would face with credibility crisis.

As for short-term plan for the year 2012-2013, the Strategic Formation Committee for Reconstruction and Future Development ( SCRF), chaired by Prime Minister Yingluck Shinawatra, on Monday approved a 16.5-billion-baht (525.15 million U.S. dollars) water management plan to prevent floods and droughts. Of this, 12 billion baht will be drawn from the 2012 fiscal budget while the remaining 4.5 billion baht from the 2013 budget.

These urgent measures entailing improvement in sluice gates, dykes, drainage system and water resources management as well as compensation for flood-hit victims will be implemented in the next five months in order to prevent massive floods of this scale from reoccurring next year.

Almost five months have passed since the flooding began in the northern part of Thailand and then spread slowly down to the plains downstream. And new rainy season is expected soon in five months ahead, or as early as May. Even though Commerce Minister Kittirat Na-Ranong, who is also chairman of the Strategic Formulation Committee for Water Resources Management (SCWRM), reassured on Monday that most of short-term projects would be completed before the new rainy season arrives, it is not quite promising.

Last month, Prime Minister Yingluck seemed to be certain that floodwaters would be completely dried out before New Year but early this month she said that she was concerned about the ongoing situation in the western side of the capital. Currently, floods still prevail in six provinces, affecting almost nine million households, or 2.27 million people.