Senator urges extension of flood loan deadline | Bangkok Post: news

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Senator urges extension of flood loan deadline

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Extending the deadline to acquire a 350 billion baht loan for flood management projects is much needed, says a member of the Senate committee on monetary, finance, banking and financial institutions. 

Kamnoon Sidhisamarn, who is also the committee's spokesman, said the government should make a decision right now to extend the deadline so it will not have to pay an unnecessarily high rate of interest.

Mr Kamnoon said if the government is in a hurry to get a big chunk of the loan but cannot allocate it to any projects at the moment, the money would be kept at the Finance Ministry and accrue daily interest.

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