The Finance Ministry has asked picofinance operators to help alleviate the hardships of their clients struggling with the impact of the pandemic, says Kulaya Tantitemit, director-general of the Fiscal Policy Office (FPO).
She said the outbreak has affected employment and people’s livelihood.
Ms Kulaya said the FPO, which regulates picofinance businesses, sent letters requesting cooperation to operators, urging them to find appropriate methods to ease the financial burdens of their clients.
Among the possible measures are the extension of debt repayment periods, the conversion of short-term debt to long-term, the suspension of monthly instalments or principal payments, and interest rate reductions.
Picofinance business development is one of the ministry’s options in dealing with the problem of loan sharks.
Picofinance operators are limited to offering lending…
