New measures out to boost economic growth

By THE NATION

 

Finance Minister Uttama Savanayana, centre

 

The Cabinet today (November 26) approved three new stimulus packages to prop up the softening economy, said Finance Minister Uttama Savanayana, adding that the measures aim to support small farmers, SMEs and property developers.

 

Uttama expects the new measures to generate Bt80 billion to the economic system, which would in turn lift GDP growth to 2.6 per cent this year.

 

The first package targets grassroot economy under the 2020 fiscal budget.

 

1.1 The government will allocate Bt14.348 billion to village funds for upgrading the infrastructure of villages, town communities as well as employment promotion. The eligible village funds are graded from A to C, totalling 71,742. Each village fund will get a maximum of Bt200,000.

 

1.2 The Bank for Agriculture and Agricultural Cooperatives (BAAC) will provide Bt50 billion to village funds, general public, community financial institutes, agricultural co-operatives, community enterprises, and farmers for operation expenses and to be used as revolving fund. 

 

The loan will carry 0.01 per cent interest rate per annum for the first three years. After that it will be subject to BAAC rate. The campaign will run from on December 1, 2019 to November 30, 2022.

 

1.3 The village funds will grant debt moratorium to members under criteria to be set by the funds respectively.

 

2. The second package will help farmers reduce harvesting cost and improve rice quality. 

 

Farmers, registered with the Department of Agriculture Extension this year, will be provided with financial aid for harvesting and rice quality improvement at Bt500 per rai or not exceeding Bt10,000 per household. Lands eligible for this programme is limited to not exceeding 20 rai per household.

 

3. The third package "Good House with down payment" aims to reduce home-purchase costs. The government will offer a cash-back of Bt50,000 per buyer on the down payment.

 

To be eligible, the buyer must have a monthly salary not exceeding Bt100,000 and included in the Revenue Department's tax database of around 100,000 individuals under this category. 

 

The campaign will start tomorrow (November 27) and end on March 31, 2020.

 

Source: https://www.nationthailand.com/business/30378767

 

-- © Copyright The Nation Thailand 2019-11-26

Follow Thaivisa on LINE for breaking Thailand news and visa info

1st measure wipe out corruption! meaning all officials need to be replaced...

People just dont trust the country or have faith in it. 

Growth will follow...

So the new idea is to ease ways for the poor to borrow money to get into bigger debt ? Yes they will rush in to cash in on it but how are they going to keep up with repayments when their work places close down?

1.1 that should help the village chiefs the villagers probably won't see anything

1.1 Should be enough to fill a few potholes in the roads.

1 hour ago, snoop1130 said:

 

Uttama expects the new measures to generate Bt80 billion to the economic system

They are going to spend ,allocate Bt14.348 billion to village funds, (BAAC) will provide Bt50 billion to village funds,

plus all the extra money that's been thrown about, I think a lot of that will be shall we say be diverted.and they are hoping

it will generate  Bt 80 Billion ,wild guess ?

regards woregordie

2 hours ago, snoop1130 said:

The government will allocate Bt14.348 billion to village funds for upgrading the infrastructure of villages

I remember when PM Prayut was handing out the pre election billions of baht Thai Niyom vote buying slush fund he promised all villages would have free internet access.

Another failed dead in the water Pinocchio promise. Which make these government promise worthless.

 

7 hours ago, snoop1130 said:

1.1 The government will allocate Bt14.348 billion to village funds

and what they DONT  tell you is  that the  last few  years 2  people ran the  affairs of the  village and the  govt have now reduced that to 1  to save  money.

5 hours ago, farmerjo said:

1.1 Should be enough to fill a few potholes in the roads.

more hole than road

5 hours ago, Fred white said:

1.1 that should help the village chiefs the villagers probably won't see anything

our  last lot sacked for  corruption

6 hours ago, BestB said:

So the new idea is to ease ways for the poor to borrow money to get into bigger debt ? Yes they will rush in to cash in on it but how are they going to keep up with repayments when their work places close down?

thats "tomorrow" and  tomorrow  doesnt exist for many

Thailand, the stimulus package hub.

 

Resale Condos have only lost value over the last 5 years (likely due to stricter visa requirements) so what’s the economical plan to revitalize condo sales and values?

Only thing Thai Politicians who threw in their lot with the General can "boost" is their own positions. The hopelessness of a country that when another party comes along and challenges its "hypocrisy and  failings" with new ideas and a new future .. is guess what .. Ban them . Needs a revolution, except Thais dont do them   

I used to think infrastructure improvements help everyone locally.  The streetlight on the main road where my soi connects blew out early this year.  Now I realize how good I have it.  Driving at night, I look for the only soi with no streetlight—and turn into the darkness with confidence...

I have little faith in these guys, I mean they can't even organise enough working microphones !

Every day new news, you're on a carousel that runs faster and faster, and you don't know how to stop it!

17 hours ago, snoop1130 said:

3. The third package "Good House with down payment" aims to reduce home-purchase costs. The government will offer a cash-back of Bt50,000 per buyer on the down payment.

Pulling demand forward by saddling people with debt in order to purchase overpriced houses/condos.  What could go wrong?

18 hours ago, snoop1130 said:

New measures out to boost economic growth

They will need to get serious..........if that's possible? 

Figures just released show an unprecedented drop in manufacturing output with a decline of 8.45% YoY. Primarily due to decreased production of cars, petroleum products and steel.

Just about every financial indicator is in decline, except of course TAT tourist numbers. 

Never ending Mickey Mouse "eat, drink, spend, shop" stimulus campaigns and cheap loans for the punters are not going to cut it. 

The full impact of the high baht is yet to come as existing export contracts progressively expire.

Heaven knows what's going to happen to rice exports now that international competitors prices are so much cheaper with their production costs dropping and their quality is improving. Vietnam wins the 2019 famous jasmine rice, Thai Hom Mali award.

and every week we have one of this news economic stimulus packages proposals by Prayut's gang and yet the economy still sluggish and baht still appreciating, whatever they are trying (if they are trying?) it's not working and they are running out of options other than once and for all DEPRECIATE the damn baht and things will start to get back to normal and while they are at it,  better change the military junta to give Thais some hope for a better future

5 hours ago, Mavideol said:

and every week we have one of this news economic stimulus packages proposals by Prayut's gang and yet the economy still sluggish and baht still appreciating, whatever they are trying (if they are trying?) it's not working and they are running out of options other than once and for all DEPRECIATE the damn baht and things will start to get back to normal and while they are at it,  better change the military junta to give Thais some hope for a better future

all very well but "Change government" ? In our dreams 

more handouts I guess 

Thai lower income people will become sooooo reliant on these weekly monthly New Year handouts that I am sure they will vote for the current gang in the next election when ever that will be

Let me guess where 70 percent of the money will disappear to.  Another disaster of policy 

I boost the Thai economy daily, the government should thank me.

19 hours ago, kevin612 said:

I boost the Thai economy daily, the government should thank me.

I did to 60000 Monday 10000 today