Thai rice scheme gets another cash injection

thai riceThailand’s Bank for Agriculture and Agricultural Cooperatives (BAAC), responsible for payouts to rice farmers, will borrow 140 billion baht ($4.51 billion) with the finance ministry’s guarantee to fund the 270-billion-baht ($8.7 billion) budget set for the government’s rice-pledging scheme in the current harvest season that runs until September 30, according to a report in the Bangkok Post.

The rest of the money will come from rice sales, the finance ministry said. It is estimated that around 16.5 million tonnes of rice will be pledged.

The prices to be paid for the current main crop, running from early this month to February 28 next year, are kept at 15,000 baht a tonne for white rice and 20,000 baht for Hom Mali, but the pledging amount has been capped at 350,000 baht per farming household. For the past two years, the government bought all the grain pledged with it.

For the second crop of this harvest year, the price is reduced to 13,000 baht a tonne with the payment made to each farming household capped at 300,000 baht. The second crop runs from March 1 and September 30, 2014.

Over the past two harvest years, the BAAC spent 179 billion baht on top of the 500-billion-baht budget to fund the scheme and all 679 billion baht was transferred to 4.2 million farmers.



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Thailand's Bank for Agriculture and Agricultural Cooperatives (BAAC), responsible for payouts to rice farmers, will borrow 140 billion baht ($4.51 billion) with the finance ministry's guarantee to fund the 270-billion-baht ($8.7 billion) budget set for the government's rice-pledging scheme in the current harvest season that runs until September 30, according to a report in the Bangkok Post. The rest of the money will come from rice sales, the finance ministry said. It is estimated that around 16.5 million tonnes of rice will be pledged. The prices to be paid for the current main crop, running from early this month to...

thai riceThailand’s Bank for Agriculture and Agricultural Cooperatives (BAAC), responsible for payouts to rice farmers, will borrow 140 billion baht ($4.51 billion) with the finance ministry’s guarantee to fund the 270-billion-baht ($8.7 billion) budget set for the government’s rice-pledging scheme in the current harvest season that runs until September 30, according to a report in the Bangkok Post.

The rest of the money will come from rice sales, the finance ministry said. It is estimated that around 16.5 million tonnes of rice will be pledged.

The prices to be paid for the current main crop, running from early this month to February 28 next year, are kept at 15,000 baht a tonne for white rice and 20,000 baht for Hom Mali, but the pledging amount has been capped at 350,000 baht per farming household. For the past two years, the government bought all the grain pledged with it.

For the second crop of this harvest year, the price is reduced to 13,000 baht a tonne with the payment made to each farming household capped at 300,000 baht. The second crop runs from March 1 and September 30, 2014.

Over the past two harvest years, the BAAC spent 179 billion baht on top of the 500-billion-baht budget to fund the scheme and all 679 billion baht was transferred to 4.2 million farmers.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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