BAAC Launches Fund to Help Rice Farmers

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BANGKOK, 3 March 2014  A short-term Rice Farmer’s Fund has been established in order to pay farmers while they wait to be fully funded by the government. This fund has been made possible by donations and contributions based on the generosity of Thai people, said Suwimol Aonin, manager of the Ubol Ratchathani branch of the Bank of Agriculture and Agricultural Cooperatives (BAAC).

The fund’s value of 20 billion baht merely covers 20 percent of the total debt that the government owes the farmers. The fund can be divided into two types: with 0.63% interest, and another type without interest. In addition, there is a fund open for people to donate to the farmers directly, she said.

BAAC will manage the fund while waiting for money allocation to farmers. This is a way to help farmers and also triggers domestic consumption during the economic slowdown.

Edited by Joel Gershon