Thailand: plan proposed as alternative to price-guarantee scheme
Thailand: 3-point plan proposed as alternative to price-guarantee scheme
Thailand’s Cooperative Promotion Department (CPD) has come up with a three-point plan to fix the problem of farmers’ debts instead of having them rely on the government’s price-guarantee policy.
Bangkok (VNA) – Thailand’s Cooperative Promotion Department (CPD) has come upwith a three-point plan to fix the problem of farmers’ debts instead of havingthem rely on the government’s price-guarantee policy.
The plan will categorise thesource of funds, adjust the interest rate and loan policies; encourage cooperativemembers to find additional income sources by providing loans for newbusinesses; and formulate debt-restructuring measures such as reducinginterest and fines or providing debt-relief programmes.
CPD Director-General Phichead Wiriyaphaha said this year’s drought hasbeen serious and has already destroyed most crops in several regions.
This renders the price-guarantee policy useless as farmers don’t have anythingto sell. As a result, many will not be able to pay the debts they owe toagricultural cooperatives, he said.
Phichead added that agricultural cooperatives have accumulated debts of 175billion baht (5.8 billion USD), of which 163.5 billion baht is from members ofagricultural cooperatives and 590 million baht from fishery cooperatives.
The agricultural cooperatives expect non-performing loans worth up to 41.6billion baht, he said.
The main reason behind this is the drought and the rise in production costsince the start of this year.
Phichead added that CPD has earmarked 1.6 billion baht for five-year loans at 1percent interest for cooperatives that want to dig artesian wells and ponds tohelp farmers earn extra income from farming alternative crops.-VNA
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Illustrative image (Photo: VNA) 
