Govt turns to tackling B300bn debt

Govt turns to tackling B300bn debt

The government is looking for ways to tackle the 300-billion-baht household debt, says Prime Minister Prayut Chan-o-cha. 

The government is compiling debt information, and help for debtors could take the form of postponing repayments, a debt moratorium or other measures adopted through state mechanisms or commercial banks, he said.

He was speaking after chairing a meeting of ministry officials at the Office of the Permanent Secretary for Industry on Wednesday.

Gen Prayut said boosting income is also important, so household debt eventually will be wiped out. 

Gen Prayut also urged people to adhere to the sufficiency economy concept to reduce their expenses, adding that if they simply receive assistance and neglect to solve their own problems, the debts will return. 

The government will look into the debts held by teachers, farmers and other professions, he said, adding the administration would tackle the problem step by step. Farmers will be allowed to rent public land at fair prices, he said.

The government has passed the Fair Debt Collection Practices Act to ensure debtors are protected, the premier said. "The government attaches more importance to the poor than the rich. Remember this," Gen Prayut said. 

According to the premier, the Industry Ministry will play a key role in boosting revenue and jobs, while adhering to green guidelines so it does not pollute the environment.

He said the economy has been held back by domestic and overseas problems, but the government's main focus will be boosting national competitiveness.

A clear direction is needed on where the country will get its revenue and where investments should go, he said. The country cannot solely rely on agriculture as the number of the poor and household debts appear to be on the rise, the premier said.

State agencies must proceed with their work in stages, he said, adding the most urgent missions must be executed by next year.

Over the longer term, they must adhere to national policy and the National Economic and Social Development Plan.

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