AP News, February 28th, 2007
Deputy Prime Minister and Finance Minister Pridiyathorn Devakula resigned Wednesday, quitting the troubled government that took power after a September coup and casting further doubt on Thailand's economic policy.
Pridiyathorn, who has faced widespread criticism for policies that spooked foreign investors, said his resignation from both posts would take effect March 1.
In a hastily called news conference, Pridiyathorn said he no longer wanted "to work under the influence of some people whose behavior is not entirely transparent ... especially some ministers." He did not elaborate.
Pridiyathorn, the former central bank governor and a U.S.-trained economist, was initially considered one of the most respected members of the Cabinet appointed by military-installed Prime Minister Surayud Chulanont.
After getting an MBA from the Wharton School of the University of Pennsylvania, he spent the next three decades in the country's commercial banking sector before becoming the country's central bank chief in 2001.
But once in office, he struggled to save face after a run of bungled policies and embarrassing reversals.
He and the Central Bank faced a barrage of criticism after imposing capital controls in late December that triggered a 15 percent plunge in the main stock index. Authorities then rescinded some of the curbs.
Foreign investors also criticized a move to tighten rules for foreign companies that operate in the country.
Pridiyathorn said during his brief news conference Wednesday that he disagreed with the appointment earlier this month of Somkid Jatusripitak, a former finance minister and close aide of ousted Prime Minister Thaksin Shinawatra.
Somkid was hired by Surayud, the prime minister, on Feb. 15 to explain the government's economic policy to foreign investors, but resigned after less than a week following sharp criticism.
"Hiring individual(s) from the previous government ... is a weak excuse and is not transparent," Pridiyathorn said, adding that he was uncomfortable working within a government that would hire people with links to Thaksin's administration. "Though that is over, the issue remains vague and not clear-cut."
