BAAC ready to help farmers suffering from drought

BANGKOK, 13 June 2010 (NNT) – The Bank for Agriculture and Agricultural Cooperatives (BAAC) has voiced readiness to assist farmers suffering from the drought crisis by lifting collection of some fees as well as extending debt repayment.

As elaborated by BAAC Assistant Manager, Boonthai Kaewkhuntee, the bank has dispatched officials to visit and inspect farmlands in order to assess damages from the crisis and draw up proper assistance accordingly.

It has been proposed that farmers severely hit by the drought will be exempted from 3% interest rate for late debt payment. Other possible relief measures include debt restructuring and extension of repayment periods. For farmers experiencing the severest damage, debt moratoriums might be declared.

Mr Boonthai expected that the BAAC would be able to conclude the relief plan within the next two weeks after acknowledging all the survey results.

The assistant manager said the government had issued warnings against the second-rice farming although its yields could fetch good prices. He said if off-season farming was carried out in too many areas, irrigated water would become insufficient causing damage to the crops and leading to debt burdens of farmers.