Thailands rice subsidy scheme needs additional budget

At least 2.6 billion baht (US$86.6 million) must be added to the subsidy scheme for rice farmers after the number of participants gets higher than expected, according to the Bank for Agriculture and Agricultural Cooperatives of Thailand (BAAC).

Illustrative image (Photo: Internet)

BAAC President Apirom Sukprasert said the number of farming households signing up for the scheme exceeds the target by 90,000, totalling 4.4 million, so an additional 2.6-billion-baht budget is required.

Even more funds could eventually be sought because some farmers in southern areas have yet to register, he said.

Typically, rice in the south is harvested a few months later than in other regions.

The government's farm aid measures include price guarantees for certain crops.

Earlier, officials budgeted 24.8 billion baht for subsidies in the 2018-2019 crop season that started last November, aimed at 4.31 rice farming families who delayed paddy sales to stabilise prices.