Government House, The Prime Minister revealed that the Cabinet has approved the “67 wet-season rice insurance”, setting a target area of ??21 million rai, adjusting the criteria to allow farmers to be the beneficiaries of 100% compensation in all cases, studying measures to help farmers to prevent bad debt.
Prime Minister Settha Thavisin announced after the cabinet meeting that the meeting approved the proposal of the Ministry of Agriculture and Cooperatives for the 2024 rice insurance project, in which farmers will be the beneficiaries of 100% compensation in all cases, and to study measures to help farmers so that they do not incur NPLs in the future. Lt. Col. Thammanat Prompow, Minister of Agriculture and Cooperatives, and Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, will provide further details.
Meanwhile, the Prime Minister also posted a message via x stating that in the cabinet meeting, we discussed helping farmers in many matters. One of them is the 2024 wet season rice in
surance project, which has a target area of ??21 million rai to be insured. BAAC will subsidize insurance premiums for BAAC loan customers in 2 groups: BAAC loan customers of 15 million rai and general farmers who are not BAAC loan customers of approximately 5 million rai. The coverage will be different for natural disasters and pests or insects by adjusting the criteria so that farmers are the beneficiaries of 100% compensation in all cases. There will also be a study of remedial measures for farmers to prevent NPLs in the future. BAAC will start selling insurance policies nationwide (63 provinces) from today until July 15, 2024, except for the South (14 provinces), which ends on December 31, 2024.
And to increase liquidity for both the public and SMEs, the Government Savings Bank has a low-interest loan measure of 100 billion baht, which will be lent to financial institutions to be lent to commercial banks to lend to new customers, especially SMEs who have never accessed loans in order to distribute the cr
edit line throughout the economic system in the loan project under the economic stimulus measures and to help small people and the GSB Boost Up low-interest loan project. This project account will be separated into a government policy transaction account so as not to affect the overall performance of the bank.
Source: Thai News Agency