BANGKOK, 7 Oct 2013 – According to the Bank for Agriculture and Agricultural Cooperatives (BAAC), the Finance Ministry would finalize on the funding for the current season’s rice mortgaging scheme within the middle of this month.
Assistant Managing Director of the BAAC Somsak Kangtheerawat made the comment after the cabinet gave a budgetary approval of 270 billion baht to the Commerce Ministry for the scheme. Mr. Somsak expressed his confidence that the Ministry would finalize the source of the fund before the scheme kicks off at the end of October.
Regarding the mortgage for off-season rice, Mr. Somsak said rice obtained after September 15th would not be accepted unless it gets approval from the Cabinet.
As for other assistance measures, BAAC branches in 27 flooded provinces will extend the debt payment period for affected farmers by 1 year without readjusting interest rate. Mr. Somsak said that low interest loans will also be offered to those agriculturalists and other business operators, in its bid to help rehabilitate farmland and businesses.
Finally, he said, additional assistance measures for farmers whose more than 50% of crops have been ruined will be submitted to the cabinet for consideration.
