Thailand approves price guarantee schemes for rice, rubber

Thailand’s cabinet has given the nod to price guarantee schemes for rice and rubber worth a combined 61.9 billion baht (around 2 billion USD).

Thursday, November 05, 2020 14:36

Thailand approves price guarantee schemes for rice, rubber ảnh 1

Rice sold at a supermarket in the Thai capital city of Bangkok. (Photo: VNA)

Bangkok (VNA) – Thailand’s cabinet has given the nod to price guarantee schemes forrice and rubber worth a combined 61.9 billion baht (around 2 billion USD).

The two schemeswill be handled by the state-owned Bank for Agriculture and AgriculturalCooperatives (BAAC).

Of the totalbudget, 51.2 billion baht is allotted towards the rice scheme for the 2020-2021season and 10.0 billion baht for the second phase of the rubber price guarantee scheme for the 2019-2020season.

According toPrime Minister Prayut Chan-o-cha, the annual 2020-21 rice scheme is scheduledto be implemented between October 2020 and May 2021.

The rice priceguarantee offers compensation if market prices fall below the benchmark. Thescheme will offer guaranteed prices at the same rates as during the previousseason.

The cabinet has alsoapproved an interest-freeloan scheme for farmers who agree to delay selling their grains. The lendingscheme will run from November 1, 2020, to February 29, 2021.

For rubber, thesecond phase of the programme is scheduled for October to March, offering aguaranteed maximum price of 60 baht per kg for raw rubber sheet, 57 baht per kgfor latex, and 23 baht per kg for cup lump, limited to 25 rai per family./.

VNA

#Thailand #price guarantee schemes #rice #rubber #interest-free loan scheme for farmers #Vietnam News Agency #Vietnamplus Thailand

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