BANGKOK, Thailand – Prime Minister Paetongtarn Shinawatra revealed that the Cabinet has approved debt relief measures to support individual borrowers, small and medium enterprises (SMEs), and vulnerable groups, December 11. These measures aim to address non-performing loans (NPLs) of up to 5,000 Baht, allowing borrowers to clear their debts and improve their financial standing.
The initiative, proposed by the Ministry of Finance, includes debt restructuring to reduce principal and interest payments for borrowers meeting specific conditions. This will help protect assets such as homes, vehicles, and businesses. For NPL accounts with balances not exceeding 5,000 Baht, a mechanism will enable borrowers to settle their debts and restore their credit history, paving the way for future access to financing.
State-owned financial institutions will provide additional support, focusing on borrowers with good repayment records to encourage continued financial discipline. For those struggling with chronic debt issues, the measures include reduced monthly installments, capped at 70%, and a lower interest rate—from 25% annually to just 15%.
Further details will be announced tomorrow by the Ministry of Finance. These efforts aim to create sustainable solutions for household and business debt, ensuring long-term economic stability. (PRD)
