Projects to strengthen local economy in the 2020 fiscal year

As the Thai economy is likely to continue to experience a slowdown in the remaining weeks of 2019, the Ministry of Finance has issued measures to stimulate the economy in late 2019. It has also proposed some projects to strengthen the local economy in the 2020 fiscal year.

projects to strengthen local economy in the 2020 fiscal year hinh 0

The projects, which were acknowledged by the Cabinet recently, aim to upgrade infrastructure at the village level, provide credit for community enterprises, and suspend debts for members of the Village and Urban Revolving Fund.

In the project to upgrade infrastructure at the village level, the village funds that are rated at the levels of A, B, and C will receive up to 200,000 baht each in order to invest in community infrastructure.

The objectives are to generate employment and improve the local people’s living conditions. A total of 71,742 villages will receive the fund.

The Bank for Agriculture and Agricultural Cooperatives will provide credit worth 50 billion baht for community enterprises, as well as the Village and Urban Revolving Fund, farmer groups, and agricultural cooperatives. The credit will be used as a revolving fund for local business operations. This project will last three years, from December 1, 2019 to November 30, 2022.

As for the project on debt suspension for members of the Village and Urban Revolving Fund, it is intended to ease their debt burdens and difficulties caused by non-conventional loans.

Members of the Village and Urban Revolving Fund are allowed to join this project on a voluntary basis, and debt suspension will be carried out appropriately, in accordance with guidelines set by the Village and Urban Revolving Fund Committee.

PRD