InfoQuest, (May 09, 2020) -- Thai Finance Minister Uttama Savanayana ordered Fiscal Policy Office (FPO) to study and set up a fund to provide relief to marginalized enterprises that are unable to obtain loans from the financial institution system, including considering the conditions under which the fund would provide relief and the benefits it would receive, so that the fund could become a tool to assist small and micro businesses during the COVID-19 pandemic.
Thai Finance Minister noted that the fund will provide assistance to small and micro businesses that were previously reported to be unable to obtain loans because they did not meet the standards of financial institutions. The initial funding for the establishment of the fund will come from the 1 trillion baht loan act, with the use of 600 billion baht as part of the loan, because it is a relief project for those affected by the outbreak.
The fund to be established is a new fund aimed at providing comprehensive assistance to all kinds of enterprises, especially small and micro enterprises and marginalized enterprises, as well as those affected by the COVID-19 outbreak and seeking assistance in groups, such as service industry, tourism, hotels, Thai massage, and other industries.
"A committee must be set up to oversee the new fund. Aid from the fund will be different from that from banks, because it is not the way to provide loans. As for how to provide assistance, the FPO has been requested to study and formulate a programme for submission for consideration. The specific contents should include the conditions of assistance and the return of the fund after providing assistance. The FPO will submit the fund structure next week," said Mr. Uttama.
As for the relief project with 5,000-baht subsidy, the Thai Ministry of Finance is considering how to provide assistance to the 1.7 million people who have failed to sign in. At that time, the vulnerable and marginalized groups will be provided with assistance separately. Students with part-time jobs who have signed in and applied for the qualification review will also be eligible for the benefits, while those who have not signed in will not be able to participate in the program because it has ended.
Source: InfoQuest, by Thapa / Rachada / Sasithorn, translated by Xinhua Silk Road.
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