PM to inaugurate informal debt restructuring scheme on 19 Nov

BANGKOK, 18 November 2009 (NNT) - The Prime Minister will chair the opening ceremony of the unconventional debt-restructuring scheme on 19 November, according to the Democrat Party's deputy spokesperson, Attawit Suwannapakdi.

Mr Attawit stated that the country's economy would recover in the fourth quarter of 2009 due to positive outcome from the government's short-and long-term stimulus packages such as the 1.43 trillion THB investments under the 3-year Strong Thailand Project, the 500 THB-a-month welfare scheme for the elderly, the gift checks of 2,000 THB for the low-income earners and the 15-year free education scheme.

He said the government was gearing up towards the third phase of economic stimulus measures with the introduction of the informal debt restructuring project which will be officially launched by Prime Minister Abhisit Vejjajiva on 19 November at the Miracle Grand Hotel in Bangkok. The general public can register for the program from 1-30 December, 2009. Applications will be processed by the committee at district and provincial levels from February to April next year. Six state-owned banks will then hold negotiations with creditors to settle the debts. The maximum loan for each debtor is 200,000 THB, with a 10-year installment plan.

The Democrat Party's deputy spokesperson added tomorrow’s ceremony will include a spot presentation featuring the Prime Minister talking on the informal debt restructuring program, at the Democrat Party headquarter. The spot will be aired as from 19 November.