Cabinet to consider Finance Ministry’s new economic stimulus package
The economic cabinet is due to consider the Finance Ministry’s economic stimulus package, aimed at stimulating consumption and investment, today (Friday). The proposal includes, among other things, a one-time 1,500 baht travel allowance for about 10 million salaried workers to promote domestic tourism.
In his Facebook post before the meeting today, Finance Minister Uttama Savanayana said that the economic stimulus package includes subsidies for farmers affected by the current drought, low interest emergency loans for farmers, handouts for low-income earners who have been issued with Pracharat welfare cards, the one-time travel allowance and easy access to financial resources for small and medium-sized enterprises (SMEs), so they can invest in machinery to improve their productivity.
According to Mr. Uttama, four million households growing rice on an area of no more than 0.9 hectares will each receive 500-800 baht in subsidies for rice cultivation.
In addition, the Bank of Agriculture and Agricultural Cooperatives (BAAC) has set aside 55 billion baht as an emergency fund for lending up to 500,000 baht each to farmers.
A separate fund will be allocated by the government to subsidize the prices of four main crops grown by some 6.23 million farming households at the rate of 10,000 baht/tonne of un-milled rice, 15,000 baht/tonne of Hom Mali grains, 60 baht/kg of rubber and 4 baht/kg of raw oil palm seed.
Low-income earners with Pracharat welfare cards will receive 200-300 baht per month to buy necessary items at Blue Flag stores, 1,500 baht/month for travel by city bus, Bor Kor Sor bus and electric train, 45 baht for cooking gas once every three months and 100-200 baht for those who apply for vocational training programs.
According to Mr. Uttama, the package is expected to stimulate the national economy, adding a minimum of 200 billion baht to the economic system for the second half of the year.