BANGKOK(NNT) - The Committee for the Farmers Rehabilitation and Development Fund, plans to provide a 2.3 billion baht fund in fiscal 2020 for the rehabilitation of about 2,700 indebted farmers. However, the scheme has yet to be approved by the government.
Deputy Government Spokesperson Ratchada Thanadirek said today the 2.3 billion baht fund includes 518 million baht for the rehabilitation and development of the farmers land, and 1.3 billion baht for the repayment of their debts.
Meanwhile, the Committee for the Farmers Rehabilitation and Development Fund has agreed to have a committee in charge of farmers debt repayments, negotiate the purchase of indebted farmers’ collateral which may have been put on sale by their creditors, usually either institutions or individuals. Property which may be purchased by the committee will belong to the Farmers Rehabilitation and Development Fund, while the indebted farmers will be obliged to make repayments to the Fund on an instalment basis.
Meanwhile, the Office of the Farmers Rehabilitation and Development Fund will join forces with relevant agencies to conduct a study on the restructuring of the debts of some 46,000 farmers worth about 15 billion baht. The Office of the Farmers Rehabilitation and Development Fund, the Thai Bankers Association and the indebted farmers have initially agreed with the Farmers Fund to repay one half of the farmers’ debts, with the government to repay the other half plus interest and compensation payments to the creditors.
Farmers have been required to make rehabilitation and debt repayment plans which will be taken into consideration by the Committee for the Farmers Rehabilitation and Development Fund on February 24, before the scheme is forwarded to the cabinet for approval.