Financial assistance sought as floods hit industries hard

A government panel, tasked with rehabilitating the business community, expects the floods to shave off the country's gross domestic production growth forecast by 1-1.7 percentage points this year. Help is being sought from commercial banks for financial assistance.A government panel, tasked with rehabilitating the business community, expects the floods to shave off the country’s gross domestic production growth forecast by 1-1.7 percentage points this year. Help is being sought from commercial banks for financial assistance.The Business and Industrial Rehabilitation of the Flood Aftermath Committee, chaired by Deputy Prime Minister and Commerce Minister Kittiratt Na-Ranong today brainstormed for urgent measures to rehabilitate businesses affected by the heavy floods.Finance Minister Thirachai Phuvanatnaranubala, Industry Minister Wannarat Charnnukul and Bank of Thailand Governor Prasarn Triratvorakul attended the meeting.After the meeting, Thirachai said thatt the committee had considered 3 urgent measures including efforts to protect unaffected industrial estates from floods and to help companies cope with the losses.The Finance Ministry will hold talks with commercial banks and state-owned banks like Export-Import Bank of Thailand and Small and Medium Enterprise Development Bank of Thailand, for relaxation in debt repayments. It will also consider regulatory amendments to facilitate borrowing.According to central bank governor Prasarn, industries located in Rojana Industrial park, Saha Rattana Nakorn Industrial Estate, Hi-Tech Industrial Estate, Bang Kradi Industrial Estate and Nava Nakorn Industrial Estate owe a combined amount of Bt60 billion, or 0.75 per cent of total outstanding loans. Of total, 56 per cent belongs to Thai banks and the rest by foreign banks.The Business and Industrial Rehabilitation of the Flood Aftermath Committee, chaired by Deputy Prime Minister and Commerce Minister Kittiratt Na-Ranong today brainstormed for urgent measures to rehabilitate businesses affected by the heavy floods.Finance Minister Thirachai Phuvanatnaranubala, Industry Minister Wannarat Charnnukul and Bank of Thailand Governor Prasarn Triratvorakul attended the meeting.After the meeting, Thirachai said thatt the committee had considered 3 urgent measures including efforts to protect unaffected industrial estates from floods and to help companies cope with the losses.The Finance Ministry will hold talks with commercial banks and state-owned banks like Export-Import Bank of Thailand and Small and Medium Enterprise Development Bank of Thailand, for relaxation in debt repayments. It will also consider regulatory amendments to facilitate borrowing.According to central bank governor Prasarn, industries located in Rojana Industrial park, Saha Rattana Nakorn Industrial Estate, Hi-Tech Industrial Estate, Bang Kradi Industrial Estate and Nava Nakorn Industrial Estate owe a combined amount of Bt60 billion, or 0.75 per cent of total outstanding loans. Of total, 56 per cent belongs to Thai banks and the rest by foreign banks.