Thailand distributes more than 29,400 billion VND to 4 million people, announces debt cancellation initiative

The Thai government has approved the second phase of a cash handout program to vulnerable people aged 60 and over.

The initiative, announced at a meeting of the economic stimulus committee chaired by Thai Prime Minister Paetongtarn Shinawatra on November 19, will benefit about 4 million eligible seniors, with a total budget allocation of 40 billion baht (more than 29,400 billion VND), according to Khaosod English news site.

Thai Prime Minister Paetongtarn Shinawatra chairs a meeting of the Economic Stimulus Policy Committee on November 19.

English: Khaosod English Screenshot

Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira explained that the second phase will focus on addressing the needs of vulnerable senior citizens. Thailand's Assistant Finance Minister Julapun Amornvivat confirmed that the cash distribution will begin before the 2025 Lunar New Year.

Recipients must meet conditions such as being 60 years old or older and classified as vulnerable, registering through the government app "Tang Rath", not being a phase 1 recipient, having an annual income of less than 840,000 baht (VND 618.9 million), total bank deposits of less than 500,000 baht (VND 368 million), not being detained and not being blacklisted from other government programs.

Earlier, the Thai government on September 25 started the first phase of a 450 billion baht "digital wallet" support plan. The first phase will provide 10,000 baht in cash to each of the 14.5 million welfare card holders and people with disabilities and is expected to be completed by the end of the month.

An estimated 45 million people will receive 10,000 baht each under the scheme, which the Thai government says will boost economic activity, according to Reuters.

In addition, the Thai government announced a debt relief initiative on November 19. The initiative includes a three-year interest payment deferral on household debt, targeting loans under one year old, such as housing, auto and consumer loans, with a total debt of about 1.2 trillion to 1.3 trillion baht.

“For the first three years, principal payments will be reduced. For those who maintain a good payment record, the reduction in interest rates can be extended to five to 10 years. However, those who do not comply will need to continue making regular interest payments,” said Deputy Prime Minister Chunhavajira.

The Thai government is developing a registration process for citizens without smartphones to ensure access to the debt relief program.

Source: https://thanhnien.vn/thai-lan-phat-hon-29400-ti-dong-cho-4-trieu-dan-cong-bo-sang-kien-xoa-no-18524112009544713.htm