Protesting Thai farmers cheered after the cabinet agreed to set aside about 1.5 billion baht from the Central Fund to support four state-run banks in refinancing the debts of about 50,000 farmers.

The farmers had been rallying in front of Government House for more than seven hours, waiting for the government’s response to their demand for help to refinance their debts with the Bank of Agriculture and Agricultural Cooperatives, the Government Savings Bank, the SME Bank and the Government Housing Bank.

A leader of the protesting farmers, Yossawat Chaiwattanasirikul, said that the indebted farmers are expected to settle all their debts with the banks within 15 years.

Satisfied with the government’s response, the protesters dispersed.