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Thai government approves extension of rice price guarantee scheme for 2021-22 season, pledging to splurge 152 billion baht for the annual scheme operating for the third consecutive year.
Of the total spending plan approved yesterday by the National Rice Policy Committee, 89.4 billion baht will be slated for rice price insurance including expenses of state-owned Bank for Agriculture and Agricultural Cooperatives, 54.97 billion baht to subsidize management and harvest costs, and 7.76 billion baht to subsidize interest rate, rice quality improvement and rice price stability.
Prime Minister Prayut Chan-o-cha argued the budget is relatively high and ordered responsible agencies to reconsider a more appropriate budget and later propose it to the cabinet.
A source from the Government House who requested anonymity said the government is likely to shoulder more financial burden given the anticipated drop in rice prices because of higher supply and rice export slowdown.
Rachada Dhanadirek, a deputy government spokesman, said the insurance scheme will cover 4.69 million households who register with the Department of Agricultural Extension.
The scheme will run from Aug 1, this year to May 31, 2022. Under the income guarantee plan, farmers receive the difference between insured rice prices and benchmark prices that change every two weeks in line with market prices.
The scheme covers five main types of rice: white rice paddy with 15% moisture, hom mali rice paddy, fragrant Pathum Thani rice paddy with 15% moisture, glutinous rice paddy with 15% moisture, and provincial fragrant rice paddy. Find more.
Source: Online/KSU
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