PM declares war against loan sharks

By Thai Newsroom Reporters

PRIME MINISTER SRETTHA Thavisin today (Nov.28) declared war on loan sharks and vowed to salvage the people who may currently owe debt to them.

Calling informal, illicit loans the masters of “Modern World Slavery”, the prime minister said the people nationwide are believed to have a combined sum of no less than 50 billion baht in debt to loan sharks against whom the authorities will dutifully take legal action.

Those who may currently be indebted with incredibly high interest rates collected by loan sharks will be completely salvaged “once and for all” by the authorities, according to the Pheu Thai-backed prime minister.

The Ministry of Interior, the Ministry of Finance and the police will coordinate for the planned implementation of the government’s integrated measures against the informal, illicit money lending to the extent that debtors be finally ridden of debt burdens, be able to stand on their feet and keep themselves from being illicitly indebted again, Srettha said.

The authorities will see to it that the loan sharks can no longer charge more than a 15% interest rate per year from any of their debtors, the prime minister said.

Those who may already have made installments and interest payments equal to or higher than the principal amount of their debt will immediately stop paying any more, the prime minister commented.

Meanwhile, the state-owned Krung Thai Bank and Government Savings Bank will provide funds for the people to settle debt which they may currently owe to loan sharks, confirmed Deputy Prime Minister-cum-Interior Minister Anutin Charnvirakul.

The Krung Thai Bank and Government Savings Bank will sooner or later provide low-interest funds for those who may still have debt with loan sharks anywhere under the government’s all-out measures to crack down on illicit money lending and illegal influence throughout the country.

The government’s refinancing scheme is being provided for those people to get rid of their illicit debt burdens via the state-owned banks where they literally have access to their branches in all the provinces, according to the interior minister.

As part of the government measures against illicit lending, chief district officers in all the provinces will compile lists of villagers currently indebted with loan sharks in their respective jurisdiction since they may have earlier chosen to not register themselves with the authorities, Anutin said.

Police superintendents in the provinces will also take action to combat any loan sharks who may have intimidated or physically harmed their debtors, he said.

Many farmers and other villagers in all parts of the country have reportedly been indebted to loan sharks since they had been largely denied loans from banks and financial firms.

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Top and Front Page: Prime Minister Srettha Thavisin. Photos: Thai Rath

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