By Thai Newsroom Reporters
OVER 2.69 MILLION FARMERS currently indebted to the Bank for Agriculture & Agricultural Cooperatives have been granted a one-year moratorium, according to government spokesman Chai Wacharong.
The cabinet today (Sep.26) approved the government’s measure to grant the one-year moratorium effective between Oct. 1, 2023 and Sep. 30, 2024 for more than 2.69 million farmers who owe a combined 283 billion baht in debt to the BAAC, the government spokesman said.
Nevertheless, the moratorium measure is only provided for each of the indebted farmers on condition that their overall debt currently owed to the BAAC total no more than 300,000 baht, Chai said.
An estimated 11 billion baht in government subsidy has been earmarked to pay for an average of 4.5% in annual interest for the farmers’ debt to the state-owned bank during the one-year moratorium.
Meanwhile, a working committee was set up with Deputy Finance Minister Julapun Amornvivat as chairman to restore and upgrade manufacturing potentials for the indebted farmers as well as small- and medium-sized entrepreneurs nationwide, the spokesman said.
The farmers’ and SMEs’ potential upgrade project will be carried out by government agencies with a one-billion-baht funding.
Top and Front Page: Thai farmers. Photos: Thai Rath