New govt stimulus targets grassroots, homebuyers

New govt stimulus targets grassroots, homebuyers

A Model community at a residential fair in Bangkok early this year attracts interest. A property down payment subsidy is part of the government's latest batch of economic stimulation measures approved on Tuesday. (File photo)
A Model community at a residential fair in Bangkok early this year attracts interest. A property down payment subsidy is part of the government's latest batch of economic stimulation measures approved on Tuesday. (File photo)

The cabinet on Tuesday approved more economic stimulus measures, including money for village funds, 50-billion-baht in loans for local people's organisations and a 50,000-baht subsidy on a home purchase down payment.

Finance Minister Uttama Savanayana said his ministry proposed the measures for the approval to stimulate domestic demand to maintain growth in the fourth quarter of this year and generate momentum for economic expansion next year.

If approved, 71,742 funds of villages and urban communities will each receive up to 200,000 baht for community-based infrastructure such as barns, mills, fertiliser plants, reservoirs and machinery to process farm produce. About 14.35 billion baht was allocated for the purpose.

Members of village and urban community funds could also apply for a one-year debt moratorium.

In addition, state-run Bank for Agriculture and Agricultural Cooperatives will lend 50 billion baht for village and urban community fund management, other community-based financial institutions, farmers' organisations, community enterprises and agribusiness operators to finance their operations. The loans will carry an annual interest rate of 0.01% for the first three years.

Rice growers will be able to apply for a subsidy for harvest and paddy improvement at 500 baht per rai. The subsidy is capped at 10,000 baht per family.

For homebuyers, the government will give a 50,000-baht rebate on down payments for residences. Claimants must not be earning more than 100,000 baht a month, or 1.2 million baht a year. The rebate will be available from Wednesday until March 31 next year.

These measures should benefit the general public, small farmers, small and medium-sized enterprises,  and the property sector, Mr Uttama said.


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