The Thai Cabinet has given the green light to new economic stimulus measures aimed at injecting funds into the economy and giving assistance to the poor.
Deputy Prime Minister for Economic Affairs, Somkid Jatusripitak (pictured), said economic stimulus measures proposed to the Cabinet by the Ministry of Finance have been approved, given that the government is putting its priority on helping agriculturists and low-income earners and increasing cash circulation.
One of those receiving support from the Cabinet was the Village Fund Project, in which THB 60 billion worth of loans will be offered to villagers through the Government Savings Bank and the Bank for Agriculture and Agricultural Cooperatives. The loan period is set at seven years, while borrowers will be exempted from interest during the first two years.
The Village Fund Committee has been tasked with considering the loan amount for each villager based on necessity and appropriateness. Of the required budget, the Ministry of Interior has agreed to help by contributing THB 36 billion to the Village Fund Project.
The Cabinet also endorsed a measure to expedite the allocation of state budgets to many small projects valued at THB 1 million or less. On this occasion, the Prime Minister emphasised that state procurement must aim to benefit Thai SMEs, while spending must be examined to ensure that the funds are used for the right purposes.