EconThai urges government: Debt-lift measures needed for all, not just farmers

[webfact]

 

EconThai, the Employers’ Confederation of Thai Trade and Industry, called on the government to hasten steps to alleviate the heavy domestic debt burden, aiming to aid not only farmers but also middle-income earners who are bearing substantial financial loads.

 

EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in need, from farmers and owners of small and medium-sized businesses to middle-income earners. He further emphasised that the suspension should encompass both principal and interest.

 

This call to action came in the wake of a recent decision by the Cabinet to endorse a new three-year debt moratorium for farmers and small businesses. Further details on this debt relief plan are expected once a two-week study by the Finance Ministry reports.

 

by Alex Morgan

Photo by Unsplash.

 

Full story: The Thaiger 2023-09-16

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

[SoilSpoil]

Good luck Thailand , most people (and government) are addicted to debt. Inflation and rising income levels are the only way out, as people cannot change their financial junkie-like behaviour. Time to face the music, confiscate land and assets of those who can't pay back and sell to the highest bidding foreign buyers. I personally don't see any other way out.

[hotchilli]

9 hours ago, webfact said:

EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in need, from farmers and owners of small and medium-sized businesses to middle-income earners. He further emphasised that the suspension should encompass both principal and interest.

There is a big difference between being legitimately in debt and living beyond ones means.

Some farmers are in debt living month to month on a few baht.

Some middle income earners [some teachers I know] say they are in debt as their salary barely covers their outgoings.

One teacher family I know have two red plate cars they own, the two new Honda Waves bought this year and the 8 million Baht house they recently moved into.

Times must  be tough for them.

[Xonax]

For people in debt, the governments 10,000 Baht wallet gift should only be able to be used for decreasing debt! Not further spending.

[retarius]

Look of there is one thing Thai people need to learn it is accountability. Borrowing money without having the slightest clue how to pay it back to buy something you can't afford is stupidity. If these are bank loans then I totally disagree with debt forgiveness. 

If they are from the shadow banking usurers, then I think there should be total forgiveness of the loan and the usurers should spent a long time in jail pondering their morals.

When I first came here a local farang asked if I wanted to put some money up with a lawyer who would lend it out with collateral. I would receive 4% per month. I said no thanks.

[jacko45k]

14 hours ago, retarius said:

Look of there is one thing Thai people need to learn it is accountability. Borrowing money without having the slightest clue how to pay it back to buy something you can't afford is stupidity. If these are bank loans then I totally disagree with debt forgiveness. 

My Mrs was trying to tell me that the new government was attempting to push through salary payments must occur at least every 2 weeks.. ie, no monthly ones.  Don't think that would help them much!