BAAC to give flood-affected farmers 1-year loan grace

By The Nation

 

 

The Bank for Agriculture and Agricultural Cooperatives is offering financial support to help farmers in the North and Northeastern regions affected by tropical storm Sonca.

 

The bank will allow customers to delay debt payments up to a year, Apirom Sukprasert, president of the state-owned bank said on Saturday.

 

During the debt grace period, interest rates would not be charged, he pledged.

 

Those farmers who insured against severe floods with the bank, will each get compensation worth Bt1,260 per rai. 

 

Full story: http://www.nationmultimedia.com/detail/breakingnews/30322205

 

 

-- © Copyright The Nation 2017-07-30

7 hours ago, rooster59 said:

Those farmers who insured against severe floods with the bank, will each get compensation worth Bt1,260 per rai. 

Lasy year the government:

• offered a crop insurance program whose premium would be subsidized 60% by the government and 40% by BAAC that would pay compensation at 1,260 baht per rai.
• agreed to allow the Land Bank Administration Institute to manage a 690 million baht budget to buy back land that have been seized from farmers who have forfeited on their mortgages - lands would be handed back to their original owners under the provision that they pay rents and be given the right to buy back the property in future should they choose.
• endorsed a reduction of interest rates by 3% and providing support production factors of 1,000 baht per rai for farmer.
• ordered BAAC to reduce interest rates from 7% to 4% for farmers who have taken out loans not exceeding 500,000 baht per person.

Isn't it time to provide an integrated national agricultural crop management plan instead of continuously adding incremental financial band aids? The government has essentially established a perpetual welfare program with no sustainable economic goal.