Thailand Approves New Measures to Support Rice Farmers Amid Price Fluctuations.

Bangkok: The National Economic and Social Development Board has given the nod to three strategic measures aimed at assisting farmers, particularly in stabilizing rice prices for the 2024/25 production year. Mr. Pichai Naripthaphan, the Minister of Commerce, announced the approval following a meeting with the National Rice Policy and Administration Committee (NRC). The measures, developed through consultations with farmers, rice mills, and exporters, aim to prevent a decline in rice prices and include a review of a fertilizer project to enhance agricultural product value. According to Thai News Agency, the NRC's approved measures include a loan to delay the sale of main season paddy, targeting 3 million tons with a budget of 8,362.76 million baht. This initiative involves providing a deposit of 1,500 baht per ton for cooperatives and farmers, with the Bank for Agriculture and Agricultural Cooperatives (BAAC) facilitating loans. The price of jasmine rice has been set at 12,500 baht per ton, showing an increase from the previous year. Additionally, a loan for rice collection and value addition by agricultural institutions has been approved, with a target increase to 1.5 million tons and a budget of 656.25 million baht. Furthermore, the government will compensate interest for entrepreneurs holding rice stocks, with a target of 4 million tons and a budget of 585 million baht. Mr. Pichai highlighted the need to review the Half-Half Fertilizer Project, acknowledging past limitations in its implementation. The Ministry of Agriculture and Cooperatives has been tasked with refining the project's criteria to align with the Cabinet resolution from November 2023. This involves supporting measures that boost agricultural productivity through soil and water resource development and improving production processes. In pursuit of sustainable rice production, the Ministry of Agriculture and Cooperatives, along with the Ministry of Commerce and other agencies, will work on managing rice supply and demand. The focus is on ensuring domestic consumption sufficiency and empowering farmers to become self-reliant with stable incomes. The government plans to continue promoting market support and the use of innovation and technology to enhance the value of agricultural products.