Thailand’s Government Approves 55 Billion Baht in Rice Support Measures

The Thai government has approved measures worth 55 billion baht to stabilize rice prices for the upcoming harvest.

Key Takeaways

• The Thai government has approved measures worth 55 billion baht to stabilize rice prices for the 2023/24 harvest, including loans to farmers and agricultural cooperatives to delay the sale of paddy rice and intervene in the market.
• Farmers will have the option to delay selling their freshly harvested paddy rice for five months, with the government offering a fixed price and storage cost support, aiming to absorb 3 million tonnes of rice.
• The government is planning to modify its intervention policy on rice prices to improve farmers’ incomes by reducing subsidies, and discussions will be held with farmers to explore options such as improving production efficiency or adopting technological solutions.

The measures include loans to farmers to delay the sale of…