State banks announce remedy programs for flood-stricken farmers in South

State banks yesterday were quick to lend a hand to help farmers affected severely by flooding by announcing several measures to remedy their plights.

Among several remedy measures announced by the Bank of Agriculture and Agricultural Cooperatives and the Government Savings Bank is the debt moratorium.

Aphirom Sukprasert, the deputy manager of the Bank of Agriculture and Agricultural Cooperatives, said the bank would introduce debt moratorium program for farmers and people in the South who are hard hit by floods.

The program which last for one year will be allowed on both the principle amount and interest payments in order to help them recover from the disaster.

He said the bank has also prepared 80,000 aid packages valued at more than 22 million baht which will be handed out to flood victims.

He said all the bank’s clients in 66 districts located in eight southern provinces and more than 100,000 farmers have been afflicted.

This accounts for 20% of all southern farmers, he said.

The majority of these are rice, palm and rubber farmers and as soon as the flood waters subsides bank officials will make visits to flood-hit victims to gauge the situation in order to permit low interest loans to help speed up recovery, he said.

At the same time the Government Savings Bank also stated it will be introducing special emergency loans amounting to 50,000 baht per person to help southern residents recover from the flood situation.

Repayment of these loans will be spread over 5 years and no interest will be charged for the first year.

It will also be allowing debt moratorium on principle repayment on existing loans for flood afflicted clients that will last 2 � 3 years.

Source: Thai Public Broadcasting Service (Thai PBS)

Post Author: thailandmirror.com