B127bn earmarked for rice scheme
The government’s scheme to delay releasing 10 million tonnes of new rice supply to the market, aimed at propping up sinking prices, will use a combined 127 billion baht in loans and subsidies, says the chief of the Bank of Agriculture and Agricultural Cooperatives. Of the total, 46.7 billion baht will be used to fund the 23.7-billion storage credit scheme for 2 million tonnes of Hom Mali rice, 23 billion for a 1,000-baht-per-rai giveaway to rice growers with a limit of 10 rai per farm household and 80 billion for loans to rice mills and exporters to buy paddy for storage in warehouses for 3-6 months, said BAAC’s president Luck Wajananawat. The BAAC itself will be the source of funding for the 46.7 billion baht loans and subsidies, he said, adding that both the storage credit and cash handout schemes are expected to start by mid-month.
