Wednesday, October 21, 2020

Bt600-billion budget aims to offer lifeline to farmers, others hit by Covid-19

Apr 09. 2020
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By THE NATION

The government has allocated a Bt600-billion budget to help Thailand’s farmers, as well as other citizens impacted by the Covid-19 situation.

Meanwhile, Kasikornbank has decided to help its customers by lowering the Minimum Loan Rate (MLR), Minimum Overdraft Rate (MOR), and Minimum Retail Rate (MRR).

Finance Minister, Uttama Savanayana said recently that the urgent budget of Bt600 billion, under the decree to borrow Bt1 trillion, will help employers and freelancers who have been affected by Covid-19, support the public health system, and take care of farmers in Thailand.

“For farmers, we are considering paying the cash directly into their account. However, each farmer would receive money at a different rate,” he added.

Preliminarily, the government will help them by households, in line with the information of the Ministry of Agricultural, Cooperatives and Bank for Agriculture and Agricultural Cooperatives, or other agencies.

Government help for farmers will cover three aspects -- factors of production, cost of living, and drought’s impact. Initially, some 8 to 9 million farming households will benefit.

Meanwhile, Kasikornbank has reduced its MLR, MOR, and MRR by 0.40 percentage point, after it lowered the lending rate last time on March 24, bank president Predee Daochai said.

The new lending rates -- 5.60 per cent MLR, 6.22 per cent MOR, and 6.10 per cent MRR -- will be effective from Friday (April 10).

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