Thailand: 5,000 baht for flood affected families while long term loans help restore homes

BANGKOK, 5 April 2011 (NNT)-The government will provide flood stricken families 5,000 THB each while banks are lowering taxes and giving loans to help people restore their homes and start a business.

Deputy Government Spokesperson, Supachai Jaisamut, said the Cabinet gave a nod to the 2.8 billion THB allocation to help flood victims cope with the predicament.

Residents affected by the flood in 10 provinces which account for 579,062 families are expected to receive this financial aid on the following conditions. One, only if their homes have been inundated for no less than 7 days. Two, damages to lives and properties in the event of mudslides and, finally, those living in the disaster declared zones.

The Cabinet also gave approval to a budget cut of 1.6 billion THB for farmland rehabilitation while another 1.6 billion THB will be spent on promoting fishery and animal husbandry.

In addition, banks have given loan borrowers lower interest rates with an extension to the debt payment period. Those who have been coping with floods will also be exempted from income tax while more loans are expected to be given to those whose homes have been severely damaged and for some who have lost their jobs.

However, conditions and terms will vary according to each bank. Financial institutions such as the Government Savings Bank, the Government Housing Bank, Krung Thai Bank and SMEs Bank are lending money to southern residents.

News ID: 255404050006