Government needs 76 billion baht to support rice farmers

The Finance Ministry has introduced a plan to use a seventy six billion baht package to support Thai rice farmers. The ministry is working with the Budget Bureau to create a scheme that ensures a guaranteed revenue for the farmers, which would supply some cushion in opposition to the unpredictable issues that plague farming corresponding to floods, droughts and pestilence.
There is already a scheme in place to offer monetary assist to farmers, reviews Finance Minister Arkhom Termpittayapaisith. For rice farmers alone, the project has a finances of 89 billion baht. This plan initially referred to as for thirteen billion baht to be gradually distributed to the farmers. But the challenge nows asking for an additional 76 billion baht.
There is currently a framework in place that limits the government’s ability to borrow from state institutions, for financing state initiatives. That restrict now is set at 30% of the annual finances of expenditures. The state has almost hit that borrowing restrict, based on the Bangkok Post, so it’s unclear if the framework must be revised.
But there could be still time to seek out the funding for the challenge, explains Arkhom. Stunning of cash isn’t needed for a quantity of more months, and the dispersal of funds to the farmers might be gradual over time. The deputy Finance Minister mentioned that the cabinet has requested for the initial funds to the rice farmers to start in the next few days, utilizing the current finances of 13 billion baht.
The cabinet additionally asked the Finance Ministry and the Budget Bureau to look into different methods of finding cash for this project, and to research methods by which rice farmers may cut their production prices.
SOURCE: Bangkok Post

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