Govt to issue bonds to raise funds for rice program

0
833

BANGKOK, 22 February 2014  The government is preparing to issue bonds in a bid to raise funds for the debt plagued rice support program. 

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has given assurances that the some of the unpaid farmers will receive money for their pledged rice next week as the government is ready to issue bonds to inject money into its rice funds.

During his negotiations with leaders and representatives of farmers, the deputy minister promised immediate payments.

According to him, the state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) will next Thursday launch the first batch of bonds worth up to 100 billion baht, adding the move will improve the liquidity of the program.

The bond issuance will be concluded within 7-8 weeks, according to Mr. Kittiratt.

A group of farmers led by former Chartthaipattana Party member Chada Thaiseth on Friday called off their protest plan at Suvarnabhumi International Airport and went home, but vowed to come back if the deadlines are not met.