Cabinet Approves Farmer Debt Moratorium

[webfact]

 

BANGKOK, Sept 27 (TNA) – The Cabinet has approved a three-year debt suspension measure for 2.7 million farmers, which will start on Oct 1.

Deputy finance minister Mr. Julapun Amornvivat said that the Cabinet meeting endorsed the debt suspension measure for small-scale borrowers in line with the government's Phase 1 policy.

 

The government will shoulder the interest burden of 11 billion baht annually on behalf of the agricultural debtors by borrowing the fund, financed by the state-run Bank for Agriculture and Agricultural Cooperatives (BAAC)'s in accordance with the Financial Discipline Act.

Debt suspension will applicable for 2.7 million small-scale borrowers as of September 30, 2023, with loan amounts not exceeding 300,000 baht. These borrowers will be eligible for debt suspension in the first phase starting from October 1, 2023, to September 30, 2024.

 

Full story: TNA-MCOT 2023-09-27

 

- 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

[retarius]

Goos news, but how can the farmers borrow for next season's planting? Seeds, diesel, fertiliser, pesticide....these things don't come free? 

1 hour ago, webfact said:

by borrowing the fund, financed by the state-run Bank for Agriculture and Agricultural Cooperatives (BAAC)'s in accordance with the Financial Discipline Act.

What fund? What Financial Discipline Act? It seems misnamed.

[webfact]

Thai govt dives into action: Plans to flood fields with innovation and debt suspension
by Alex Morgan

 

Picture courtesy of ThaiPost.

 

Plans are underway by the Thai government to accelerate the expansion of water sources and enhance the varieties of rice and other key crops in Thailand. Recommendations have also been made for the proposed debt suspension scheme to operate with conditions.

 

These suggestions were made by Nipon Puapongsakorn, a distinguished fellow at the Thailand Development Research Institute (TDRI), who highlighted the government’s policy to assist farmers, which includes a specific focus on the debt suspension programme.

 

“The debt suspension should primarily target households of farmers facing genuine hardship. The assistance should not be extended to those who are not genuinely in need, as the funds used come from taxpayers.”

 

Full story: The Thaiger 2023-09-27

 

- 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

[hotchilli]

I'm sure Thaksin will offer some advice to the PM as they loved him so much in the past...