Bt600-billion budget aims to offer lifeline to farmers, others hit by Covid-19

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Bt600-billion budget aims to offer lifeline to farmers, others hit by Covid-19

By THE NATION

 

 

The government has allocated a Bt600-billion budget to help Thailand’s farmers, as well as other citizens impacted by the Covid-19 situation.

 

Meanwhile, Kasikornbank has decided to help its customers by lowering the Minimum Loan Rate (MLR), Minimum Overdraft Rate (MOR), and Minimum Retail Rate (MRR).

 

Finance Minister, Uttama Savanayana said recently that the urgent budget of Bt600 billion, under the decree to borrow Bt1 trillion, will help employers and freelancers who have been affected by Covid-19, support the public health system, and take care of farmers in Thailand.

 

“For farmers, we are considering paying the cash directly into their account. However, each farmer would receive money at a different rate,” he added.

Preliminarily, the government will help them by households, in line with the information of the Ministry of Agricultural, Cooperatives and Bank for Agriculture and Agricultural Cooperatives, or other agencies.

 

Government help for farmers will cover three aspects -- factors of production, cost of living, and drought’s impact. Initially, some 8 to 9 million farming households will benefit.

 

Meanwhile, Kasikornbank has reduced its MLR, MOR, and MRR by 0.40 percentage point, after it lowered the lending rate last time on March 24, bank president Predee Daochai said.

 

The new lending rates -- 5.60 per cent MLR, 6.22 per cent MOR, and 6.10 per cent MRR -- will be effective from Friday (April 10).

 

Source: https://www.nationthailand.com/news/30385674

 

-- © Copyright The Nation Thailand 2020-04-10

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[ezzra]

Even with that, there will be  millions needy marginalised workers who will receive nothing as they're not registered workers nor pay taxes or registered but earn "too much" as Thailand tax system is and always been flowed and messy...

[simple1]

28 minutes ago, ezzra said:

Even with that, there will be  millions needy marginalised workers who will receive nothing as they're not registered workers nor pay taxes or registered but earn "too much" as Thailand tax system is and always been flowed and messy...

My extended Thai family includes non tax payers such as motorbike taxi drivers. They all applied last week, so far two motorbike taxi drivers have been confirmed to receive the 5,000 baht p.m. grant, the others are still waiting application outcome.

[FarFlungFalang]

Not testing for Sars Cov 2 because it'e too expensive!Yeah right we believe you!Oops I slipped and put 100 million baht into my own account.

[SoilSpoil]

Who will pay back the loans? Thailands farmers are already heavily indebted, leading to unparallelled income inequality.

 

Issuing 'soft' loans is a global trend that anticipates on returning to the normai and recapturing lost income or revenues. Which won't happen of course, 3020 is lost. Succesful people borrow money in times of growth, not decline. All this credit creation leads to an easy victory for the global elite. Millions of lands and assets are gionna be confiscated and economic slavery will become even more prevelant. Check mate.

 

 

[Assurancetourix]

15 minutes ago, SoilSpoil said:

Who will pay back the loans? Thailands farmers are already heavily indebted, leading to unparallelled income inequality.

 

Issuing 'soft' loans is a global trend that anticipates on returning to the normai and recapturing lost income or revenues. Which won't happen of course, 3020 is lost. Succesful people borrow money in times of growth, not decline. All this credit creation leads to an easy victory for the global elite. Millions of lands and assets are gionna be confiscated and economic slavery will become even more prevelant. Check mate.

 

 

In the vast majority of cases agricultural equipment purchased on credit is reimbursed by children working in Bangkok or overseas.
As these jobs have ceased to exist, reimbursements cannot be made.
It's a whole chain that will explode.
not only the farmers who will have to return the equipment not reimbursed but also the agricultural dealers and the banks  who will end up with mountains of second-hand equipment that cannot be sold because no one can afford to buy it.
And the assembly lines of these materials will stop for the same reasons.
It would be good for the banks to carry over monthly payments without any penalties as long as the Covid is wreaking havoc.
If they don't do they are the ones who will end up in shi*t

[Grumpy John]

1 hour ago, FarFlungFalang said:

Not testing for Sars Cov 2 because it'e too expensive!Yeah right we believe you!Oops I slipped and put 100 million baht into my own account.

Was a keystroke error......honest! 

[TheDutchEngineer]

The money will not reach the farmers. 

[justin case]

wait what ? CORONA stops RICE from growing or something ???

 

yingluck stole billions and her croonies, but here we are talking about a trillion

Edited April 10, 2020 by justin case