Banking & Finance

Cabinet approves Special Budget to help Sugar Cane Growers

Date: 11 October 2018; Type: Legal News; Source: National News Bureau of Thailand

BANGKOK, Oct 11 (NNT) - The Cabinet has approved a special budget to help sugar cane growers and low-income earners.

Industry Minister Uttama Savanayana said on Wednesday that the weekly Cabinet meeting approved the proposed project to help lower the production cost for sugar cane growers, which comprises a subsidy of 50 baht per ton as a factor of production.

Mr. Uttama said that each eligible grower will receive the financial assistance for up to 5,000 tons while the fund, which is estimated at 6.5 billion baht, will come from the 2019 fiscal budget.

He added that an additional fund of nine billion baht will also be derived from the Cane and Sugar Fund to be paid as a subsidy of 70 baht per ton.

The Industry Minister said that it is expected that Thailand will produce around 130 million tons over the next year and over 340,000 sugar cane growers will benefit from the program.

In addition, the Cabinet approved a draft Royal Decree to help lower the cost of stamp duty on the purchase of residential property to 3,000 baht from 50,000 baht - an initiative designed only for holders of government-issued welfare cards.

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