Thai Cabinet Approves Measures to Suspend Farmers’ Debt Payments

Today (26 Sep 2023) Mr. Chulaphan Amornvivat, Deputy Finance Minister, stated that the Thai cabinet approved the measure to suspend farmers’ debt in accordance with Phase 1 of government policy. This includes the rehabilitation of BAAC debtors who participated in the said debt moratorium, which is a part of the farmers’ debt payments suspension measure for a period of 3 years, with details as follows.


1) Suspension of debt payments for small debtors, according to government policy. 2.698 million farmers whose are Bank for Agriculture and Agricultural Cooperatives (BAAC) customers with outstanding principal in all contracts combined as of 30 September 2023 not exceed 300,000 baht, and have normal debt status and/or are overdue debts (0-3 months and non-performing loan or NPLs) are entitled to a 1-year suspension period from 1 Oct 2023 to 30 Feb 2024.

BAAC customers who want to receive rights can express their wish to join the debt moratorium from 1 Oct 2023 to 31 Jan 2024. Debtors with NPLs status will be able to join the debt moratorium after the debt structure has been adjusted according to the BAAC criteria.


2) The potential development of rehabilitation on BAAC debtors who participated in the said debt moratorium, to relieve farmers’ debt burden by BAAC in collaboration with the governmental departments and outside agencies, and to organize training for farmers. Parallel to the debt moratorium measures, this measure aims to increase the opportunities for farmers to invest, change or expand their careers.