Skip to content

Today’s Thai government update on the Rice Subsidy

09/01/2014

The Ministry is expecting the farmers to pledge 10 million tons of rice in the current production season. Commerce Minister Niwatthamrong Boonsongpaisan stated that the amount would need 140 billion baht in compensation, adding that the ministry already paid 30 billion baht to the farmers, leaving 77 billion baht in payment pending. He expected that the payments would be completed within January 25th.

Nonetheless the scheme still lacks 40 billion baht, and the Commerce Ministry will urgently ask the Election Commission (EC) to approve its planned borrowing of 130 billion baht to finance the scheme. He said that even if the EC does not give the nod on the matter, the Commerce Ministry is still able to use the money obtained from selling the pledged rice to be returned to the farmers.

Meanwhile, the EC has approved the ministry’s request to sell the pledged rice in stock by any means it deems appropriate. The Commerce Ministry, thus, has plans to clear the stock through both auctioning and Government-to-Government deals. It expects to sell another 500,000 tons of rice in the new release.

Advertisements

From → Uncategorized

One Comment
  1. Thanks for taking the time to discuss this, I feel strongly about it and really like learning more on this topic. If possible, as you gain expertise, would you mind updating your blog site with more info? It really is extremely helpful for me.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: