PM to launch sustainable measures to address informal debt

BANGKOK, Feb 26 (TNA) -- The government will launch the sustainable measures to address informal debt problem on this Wednesday as the Finance Ministry will give licenses for the ‘Pico Finance’, designed for ridding debts owed by poor people to loan sharks or informal money lenders, said Pornchai Thiraveja, deputy director-general of Fiscal Policy Office. The launch of ‘Pico Finance’ will be held at Impact Muang Thong Thani complex on the outskirts of Bangkok. At the event, Prime Minister Gen Prayut Chan-ocha will deliver a special speech on integrated and sustainable measures in solving informal debt problem during the opening session, said Mr Pornchai. Finance Minister Apisak Tantivorawong will also present ‘Pico Finance’ licences to provincial operators while the government-run Bank for Agriculture and Agricultural Cooperatives, and the Government Savings Bank will offer loans to debtors of loan sharks to assist them, said Mr Pornchai. About 1,500 people are expected to attend the opening and it is believed that it would help people to better understand the government’s attempts to help the poor who have been living desperately in debts to loan sharks for decades. The licensing of such operators is aimed at providing an additional means for the poor to gain access to capital, while protecting them from loan sharks and helping to solve the underground-debt problem. (TNA)