Thailand’s caretaker Cabinet on Tuesday approved Bt20 billion from the central fund for overdue payments to farmers from the rice pledging scheme.
The National Rice Policy Committee (NRPC) reportedly informed the Cabinet that Bt20 billion would be borrowed from the central fund pending Finance Ministry bond sales which would take at least two months to complete and Commerce Ministry revenue from rice sales.
The Bt20 billion budget will be a revolving fund to pay farmers while waiting for payments from the Finance and Commerce ministries, government spokesman Pakdiharn Himathongkam said.
Farmers have delivered 10.97 million tonnes of rice at a total of Bt181 billion while the Bank of Agriculture and Agricultural Co-operatives (BAAC) has paid Bt65.4 billion to 517 farmers at a total of 4.05 tonnes of rice.
Overdue payments for farmers are Bt115 billion. The Commerce Ministry has targeted earnings of Bt8 billion a month from rice sales.