Thailand's cabinet has approved a plan to suspend debt repayments for millions of farmers for three years, which will start on October 1, deputy finance minister Julapun Amornvivat said on September 26.
A farmer shows harvested rice in Khon Kaen province. (Photo: bangkokpost.com)
Bangkok (VNA) - Thailand's cabinet hasapproved a plan to suspend debt repayments for millions of farmers for threeyears, which will start on October 1, deputy finance minister Julapun Amornvivat said on September 26.
According to Julapun, the first phase of debt suspension will begin on October 1 and last until September 30 next year at a cost of 12 billion THB (about 330 million USD). He added that farmers who have kept up withinterest payments will also be allowedto borrow up to 100,000 THB from the state-owned Bank for Agriculture andAgricultural Cooperatives (BAAC).
The aim of the measure is to help ease the burdens offarmers so that they "come back strong", he said.
About 2.7 million farmers are eligible to join theprogramme.
Thailand, the world's second largest rice exporter, has oneof Asia's highest levels of household debt.
In 2021, 66.7% of all agricultural households were in debt,largely from farming-related activities, according to government data. Manyfarming families are financially burdened after borrowing to fund their crops,with debt spanning generations.
The debt plan is part of a series of measures prepared bythe new government, which took office last month, to revive a sluggisheconomy weighed down declining exports and falling investor confidence./.
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A farmer shows harvested rice in Khon Kaen province. (Photo: bangkokpost.com)
