B100bn-plus sought for rural stimulus
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B100bn-plus sought for rural stimulus

The Finance Ministry estimates more than 100 billion baht is needed. (Bangkok Post file photo)
The Finance Ministry estimates more than 100 billion baht is needed. (Bangkok Post file photo)

The Finance Ministry estimates that more than 100 billion baht is needed to fund a strategy of sustainable development for the rural economy to thoroughly cover 30 million poor people in the segment.

The ministry will hold a meeting with related agencies, including the Bank for Agriculture and Agricultural Cooperatives (BAAC), Government Savings Bank (GSB), and the Industry and Energy ministries to push measures to help the needy, said finance permanent secretary Prasong Poontaneat.

The imminent measures include loans from community financial institutions with interest not exceeding 1.25% a month to address underground lending, he said.

The measures are meant to not only improve the country's economic growth, but also create happiness for grassroots people, Mr Prasong said.

Deputy Prime Minister Somkid Jatusripitak said recently that the government planned to launch new stimulus measures for grassroots people as part of efforts to reform the rural economy and improve buffers against external volatility.

In May, the government approved a slew of stimulus measures worth 21.83 billion baht. The measures include spending of 13.2 billion baht on public welfare benefits for low-income earners, plus tax measures worth 8.62 billion baht.

The measures were set for five months, from May to September.

Regarding the latest domestic tourism package, Mr Prasong said 70,000 shops have signed up to take part in the 1,000-baht cash handout and the 15% cash rebate for spending at destinations outside home provinces.

The number of shops registered was expected to reach 80,000 when the registration period closed yesterday.

He said the number of participating shops is expected to be 150,000-160,000 when Thong Fah shops and those equipped with electronic data capture terminals are taken into account, and these will suffice to serve demand.

The government's target of 10 million recipients for the cash giveaway and the cash rebate is believed to be achievable because no one wants to lose out on the opportunity, Mr Prasong said.

To be eligible for the cash handout and the 15% cash rebate of up to 30,000 baht on tourism-related spending, Thais aged 18 and up are required to sign up at the Tourism Authority of Thailand's website and download the Pao Tang mobile app from KTB during Sept 23-Nov 22.

The rebate will be paid out by the government later. Registrants will receive an SMS to confirm their privileges within three business days.

Mr Prasong said any registrants who fail to spend the 1,000 baht within 14 days of receiving the SMS will be disqualified.

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