Finance Ministry: State-initiated debt moratorium to be reviewed

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BANGKOK, 1 August 2012  – The Finance Ministry revealed that the state-initiated debt moratorium project is being reviewed to offer both lenders and borrowers a win-win situation. 

Deputy Finance Minister Tanusak Lek-uthai said on Tuesday that the Finance Ministry is reviewing the criteria of the debt moratorium for quality borrowers with the maximum debt of 500,000 baht per household.

Mr. Tanusak said that the review is intended to allow the public a fair chance to enjoy the state assistance.

He added that each borrow will also be entitled to an automatic reduction interest rate for 3 years, if he/she decided not to participate in the moratorium program.

The Deputy Finance Minister has reassured that lenders will not be affected much by the revised criteria, while stating that all related agencies, including the Fiscal Policy Office and the Permanent Secretary to the Finance Ministry, will make sure that the review does not go against the Cabinet resolution previously reached. He said that the conclusion on the issue is expected before August 20th.