20 billion baht ready to be disbursed to BAAC to pay rice growers


BANGKOK, 19 March 2014  Finance Minister Kittirat Na Ranong has indicated the 20 billion baht borrowed from the government’s central budget is ready to be processed in order to pay rice growers who have been awaiting payment for their mortgaged rice.

According to Mr. Kittirat, the money will be transferred to the Bank for Agriculture and Agricultural Cooperatives (BAAC), so the latter can commence paying the rice growers who have not received money owed to them under the 2013/2014 growing season. Between 150,000 to 200,000 rice growers, who received their warehouse receipts before December 9, 2013, will be entitled to money derived from the 20 billion baht amount.

In the meantime, Commerce Minister Niwatthamrong Bunsongphaisan asserted the government would be able to acquire enough money from the sale of mortgaged rice to return the 20 billion baht amount to the central coffers by the May 31 deadline.