The Bank for Agriculture and Agricultural Cooperatives (BAAC) has approved financial support for Thai workers returning from conflict-hit Israel.
The BAAC executive board said that it agreed to assist Thai laborers returning from the Middle Eastern country with loans of 150,000 baht per person at an interest rate of 1%. In case of death, BAAC will forgive the debt entirely. The initiative is part of a broader effort to reduce debts for small and medium-sized enterprises (SMEs) and cooperatives.
Julapun Amornvivat, Deputy Minister of Finance and Chairman of BAAC, stated that the loans come with a 1-year interest-free condition and a repayment period of 20 years. He encouraged workers experiencing difficulties to consult BAAC at any branch.
For non-agricultural workers, the Government Savings Bank (GSB) is set to provide similar financial assistance, with debt repayment extensions and restructuring options at an interest rate of 0.01% for three years, and a one-year grace period on the principal. These measures aim to alleviate the financial burden on Thai laborers returning from Israel and support them in establishing sustainable livelihoods in Thailand.
Additionally, Julapun further mentioned that after the government’s debt moratorium for farmers through BAAC for three years, various agencies are exploring ways to reduce debt burdens for SMEs and cooperatives, including large groups like student loan borrowers. The final decisions on these relief measures are expected to be announced by the Prime Minister at the end of November. (NNT)
