ID :
372377
Thu, 06/25/2015 - 10:20
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State budgets used to boost Thai economy

BANGKOK, June 25 (TNA) - Economic agencies are accelerating on assisting drought-affected Thai farmers, including spending on state budgets in the 2016 fiscal year, which started from October 1, 2015, aimed to stimulate the national economic growth. Finance Minister Sommai Phasee told journalists of the policy on Thursday, noting if the government’s assistance measures to solve the current drought are successful, Thailand's gross domestic product (GDP) should not decline much. Sommai explained that currently-prevailing drought in Thailand is expected to lower the country's GDP growth this year by 0.5 per cent, from 3.5 per cent forecast earlier to 3 per cent. Sommai pointed out that the El Nino weather phenomenon has delayed and reduced rainfalls in the country, causing reserved water in local reservoirs to be now lowest since 1997, while the Thai economy has also been affected by a global economic slowdown. According to the finance minister, concerned government agencies are finding extra measures to assist local agriculturists, including seeking cooperation from Bank for Agricultural and Agricultural Cooperatives (BAAC) to offer a six-month grace period on principal and interest for local farmers who had borrowed money from the state-run bank. (TNA)

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