The Finance Ministry has released bonds worth 50 billion baht, in its latest move to streamline the debts suffered from the rice-loan scheme from the previous management.
The bonds, which are released by Bank of Agriculture and Agricultural Cooperatives (BAAC), are split into dual sets. The first set, which is worth 42 billion baht offers an interest rate of 2.75 percent per year. The latter, which is worth eight billion baht, offers an interest rate of 3 percent per year.
According to the Finance Ministry, non-bank operators, particularly securities companies managing mutual funds have expressed interest in the bond investment The Finance Ministry will countersign both the capital and the interest. The government will assume the accountability to recompense the arrears sideways with the interest.
Formerly this month, the Finance Permanent Secretary was cited as speaking that the Thailand government has suffered losses of around 680 billion baht (around $21 billion) from 11 rice plighting programs covering 15 harvests since 2004. He noticed that losses from the rice promising scheme launched by the Yingluckled government alone accounted for about 518 billion baht (around $15.8 billion), or 82% of the total losses from rice subsidy schemes.