PM reiterates Thai government’s intention to tackle debt problem

[webfact]

 

Prime Minister Srettha Thavisin has reiterated the government’s determination to resolve formal and informal debt problems within the 4-year term of his administration.

 

He said that the progress in tackling the debt problem over the past two months reflects his administration’s sincere intention to help people escape from the debt trap.

 

Debtors are divided into four main groups:

 

• Individuals and small and medium sized enterprises who were affected by the COVID-19 pandemic.

• Those who have regular incomes, but are over-burdened with debt obligations, including 3 million members of state cooperatives and 150,000 credit card debtors.

• 1.8 million farmers without regular incomes, who have incurred about 250 billion baht in debt, and some 600,000 debtors to the Student Loan Fund.

• Debtors who have non-performing loans. An asset management firm will be set up to resolve the NPL problem.

The prime minister said that about 140,000 informal debtors, with total debts of 9.8 million baht, have registered for government help to settle their debt since last December.

 

Full story: Thai PBS 2024-02-14

 

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[flyingtlger]

6 minutes ago, webfact said:

Srettha Thavisin has reiterated the government’s determination to resolve formal and informal debt problems within the 4-year term of his administration.

Wishful thinking....

[zhounan]

Mr.PM fashionista, what about taxing the 10 Families that controls everything in Thailand, maybe starting from Mr.Food System CP?

[VinnieK]

Offer debt relief so the dummies can start borrowing again (beyond their means) 🥳🥳

[it is what it is]

4 minutes ago, VinnieK said:

Offer debt relief so the dummies can start borrowing again (beyond their means) 🥳🥳

 

indeed, it creates a mindset that encourages people to get into debt because the government will bail them out.

 

capital investment in financial management education, starting in the classroom and offering debt management support to those in debt (not paying off debt) would be effective first steps

 

debt is not a thai problem, it is a big problem in my home country too despite many steps to alleviate the problem. the solution is a long process, the govt needs to be in it for the long term.

[lordgrinz]

His administration will do nothing but build more debt, scheme after scheme of vote buying doesn't reduce debts.

[atpeace]

Not just a Thai problem or possibly it isn't a problem.  I've been waiting with semi dread since the financial crisis and governments resorting to war time deficit spending and QE for the economic collapse but not the case.  It seems like all issues can be fixed by just adding more debt and QE.  Covid - no problem - just double down and ignore deficits because they seem not to matter. 

 

I'm bitter because I was so wrong but still believe eventually I will be proven right albeit my timing was off by at least a decade.  I wonder how long I'll be in cash and short term treasuries waiting for a debt crisis that may never happen.

[hotchilli]

3 hours ago, webfact said:

Prime Minister Srettha Thavisin has reiterated the government’s determination to resolve formal and informal debt problems within the 4-year term of his administration.

Says the man who can't borrow enough to pay out his vote bribe.