6 June 2024

Prime Minister Prayut Chan-o-cha has ordered military officers nation-wide to work with provincial authorities to help solve problems of informal debts, especially among farmers, government spokesman Lt Gen Sansern Kaewkamnerd said today.

The spokesman said the order was prompted by the prime minister’s concerns over indebtedness of people, especially those saddled with debts resulting from informal loans borrowed from private money-lenders. Loan sharks normally charge much higher interests than the legal limits.

People with the informal debt problem are advised to give details about their debts to the Bank for Agriculture and Agricultural Cooperatives (BAAC) and the Government Savings Bank (GSB).

After that military officers will invite both the creditors and debtors to meet to explore compromises.

Lt Gen Sansern said people who borrow money from informal lenders should write down details of their debts and give them to the authorities in order that each case can be tackled.

After meeting with the BAAC or GSB, the people who suffer from informal debts can still seek additional assistance, if they want, by reporting to the Damrongtham Centre in each province, he said.