BANGKOK, March 23 (TNA) – The cabinet approved assistance worth 350 billion baht to help businesses affected by COVID-19 and it comprised soft loans and asset warehousing.
Finance Minister Arkhom Termpittayapaisith said soft loans would amount to 250 billion baht and help the businesses that had good foundations but were hit by COVID-19. The loans would enable affected operators to maintain their business and employment.
The rest 100-billion-baht assistance will happen in the form of asset warehousing. Under this measure, indebted operators can transfer collateral to repay debts and reserve their right to buy the assets back later.
The measure was aimed at temporarily lifting the financial burdens of indebted operators who therefore would not be pushed into fire sales with local and foreign capitalists. Besides, the operators will have a chance to revive their business with the same collateral after the COVID-19 situation improves, Mr Arkhom said.
Both measures will be implemented for two years and the cabinet can extend them for another year if that is necessary and there is enough money to do so, the finance minister said. (TNA)