InfoQuest (December 27, 2021) -- Specialized Financial Institutions of Thailand (SFIs) play a vital role in providing credit to target debtors. Fragile financial position, natural disaster and COVID-19, etc. further lead to the debtors' income shrinking and solvency decline.
SFIs has been committed to rolling out various measures to help debtors reduce the impact of the above uncontrollable factors. However, the moratorium and other specific measures failed to solve the problem of the debtors' deteriorating financial situation, leading to the great pressure of debts.
Therefore, the Ministry of Finance, the Bank of Thailand, and the Government Financial Institutions Association (GFA) are instructed to jointly solve the problem. The three organizations will ensure that the public continues to have access to financial services and as well as assistance related to various government measures to alleviate the financial impact on their daily life and in the conduct of business. The specific measures and policies are as follows:
1. Guidelines for long-term debt restructuring. It aims to put relevant policies in place while identifying the regulatory and debt restructuring procedures and improving the internal management system.
2. Support measures, such as arrangement and adjustment of the repayment period, requirements for repayment of more debts in case of an increased income, and relaxation of rating standards.
All these measures will be implemented from January 1, 2022 to December 31, 2023. Supported by the above measures, SFIs could provide more comprehensive help to debtors. On December 1 this year, seven state-owned professional financial institutions signed a memorandum of cooperation to make preparations for the implementation of the above guidelines and measures.
Source: InfoQuest, by Thpl/Kasamarporn Kittisamphan/Rachada Kongkhunthian, translated by Xinhua Silk Road
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