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Financial Measures to Ease Economic Impact of COVID-19 Outbreak

The Cabinet on 12 January 2021 approved financial relief measures to alleviate the economic impact of the COVID-19 outbreak, following a proposal submitted by the Ministry of Finance.

The measures aim to boost liquidity (credit and credit guarantees) and alleviate debt burdens (debt suspension) for the people and entrepreneurs affected by the spread of COVID-19 infections.

In order to boost liquidity for entrepreneurs, the Bank of Thailand has extended the period to provide soft loans to help small and medium-sized enterprises (SMEs), under the executive decree authorizing it to do so. Other financial institutions that extend soft loans to SMEs include the Government Savings Bank, the Small and Medium Enterprise Development Bank of Thailand, and the Thai Credit Guarantee Corporation.

As for measures to boost liquidity for the people, the Government Savings Bank offers soft loans to retail borrowers. The Ministry of Finance is seeking Cabinet approval to extend the application period for the loans until 30 June 2021.

The Bank for Agriculture and Agricultural Cooperatives offers loans with low interest rates for self-employed persons, or emergency credit for small farmers. It has also extended soft loans, under the Sufficient Loan, New Gen Hug, and Jump Start Credit programs.

Both entrepreneurs and the people will benefit from debt suspension offered by various financial institutions, namely the Small and Medium Enterprise Development Bank of Thailand, the Export-Import Bank of Thailand, the Islamic Bank of Thailand, the Government Housing Bank, the Government Savings Bank, and the Bank for Agriculture and Agricultural Cooperatives.

The Ministry of Finance will coordinate with the Bank of Thailand to ask commercial banks to offer similar financial assistance to entrepreneurs and the people.

 

Source: The Government Public Relations Department

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