Thai govt to accelerate bank borrowing to make rice payments to farmers
Published on May 30, 2014 5:45 PM
BANGKOK (REUTERS) - Thailand's finance ministry said on Friday it would invite banks to offer terms for 50 billion baht (S$1.8 billion) in loans on June 3, earlier than planned, so it can pay rice farmers who have waited months for money owed under a state buying scheme.
The plan has been pushed forward due to faster-than-expected payments to farmers since a military government took power on May 22, Chularat Suteethorn, head of the ministry's public debt management office, told reporters.
The ministry had planned to open bidding for a three-year loan for 30 billion baht on June 6 and for another for the remaining 20 billion baht on June 13.
"We will discuss with banks whether they can give us the whole loan on June 6," Mr Chularat said, which would allow three days for the ministry to choose banks and receive the transfers.
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