BAAC reveals that it is requesting debt relief from more than 1.85 million farmers, a principal amount of more than 250 billion baht, preparing to expand to phase 2 along with a 0.25% loan interest reduction to support the recovery of vulnerable groups.
Mr. Chulaphan Amornvivat, Deputy Minister of Finance As Chairman of the BoardBank for Agriculture and Agricultural Cooperatives (BAAC) Having said that from the policy of Mr Settha Thavisin, Prime Minister, who is committed to helping the people, small and medium business entrepreneurs, including those experiencing economic problems. Have the opportunity to recover and adapt under an appropriate cost of money.
Reduced loan interest for 6 months to help 1.2 million vulnerable groups.
BAAC as a specialist financial institution of the state Has come to respond to policy and participate in solving household debt problems. By lowering interest rates for retail customers or other measures that can reduce the burden Help to create opportunities and stimulate more investment in the manufacturing sector.
BAAC is aware of the need to operate in accordance with policies and guidelines consistent with the State Financial Institutions Association. Therefore, the MRR loan interest rate has been reduced by 0.25% for a period of 6 months for farmers, vulnerable customers and SMEs experiencing production problems. causing the ability to repay debts to decrease Including debtors NPLs that are subject to debt restructuring. There are over 1.2 million customer accounts that will benefit.
This is to reduce the burden of expenses. and supporting customer recovery during a period when the economic recovery is not yet complete and inclusive. In force from 1 May – 31 October 2024.
Request to stop debt of more than 1.85 million farmers, principal amount of more than 250 billion baht – prepare for stage 2
Mr said. Chulaphan that in the past BAAC has continuously announced measures to help small farmers through Measures to stop debt payments to small farmers according to government policy For farmers whose total debt on all contracts on September 30, 2023 does not exceed 300,000 baht.
1.85 million people have reported their desire to join the measure through the BAAC Mobile program, with funds worth more than 257,000 million baht.
Among the number of customers who have reported their intention to join the measure More than 1.39 million people have signed the memorandum of understanding attached to the loan contract, or more than 90% of those who indicated their intention to join the measure.
And of this number, there are 130,000 customers who have expressed their desire to attend a course to restore vocational potential under the concept of “market leadership, additional innovation, increasing income”. Stop debt payments for 300,000 customers by September 2024.
and it is also preparing to expand measures to help small farmers. Phase 2 of the Farmers Debt Relief Project will be passed soon.
Support low interest loans
In addition, BAAC has always taken care of farmers’ debt problems in a comprehensive manner. With financial help through low interest rate loans. Increase liquidity for spending and ease the burden on the family instead of borrowing money outside the system, such as loans on your behalf. MRR interest rate and quick loan for good people, 20,000 million baht credit limit for village health volunteers and village health volunteers, 0.67% interest rate per month or installment payments of only 500 baht per month, etc.
Participating in the management of farm customer debts Debt within and outside the system through the BAAC Debt Report project, which has been able to resolve a debt problem outside the system and return it to the BAAC system for 676,677 cases , totaling more than 51,934 million baht, and Credit measures to help and support informal debt With 545 million baht of loans already paid.
As well as providing advice on debt management and debt restructuring. Including freezing interest rates on loans during periods of policy interest rate adjustments and other financial institutions increasing interest rates. This reduces the debt repayment burden on farmers. which is the majority of the country To be strong Have the ability to generate income This will affect the development of the country’s overall economic system for sustainable growth.
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