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WEDNESDAY, October 05, 2022
nationthailand
Govt urged to launch long-term packages instead of handouts to help public, business

Govt urged to launch long-term packages instead of handouts to help public, business

MONDAY, September 14, 2020

The private sector is calling on the government to launch long-term packages instead of relying on short-term handouts to help businesses, especially since up to 3 million people are expected to lose their jobs soon.

Tanit Sorat, vice president of the Employers’ Confederation of Thai Trade and Industry (EconThai), said businesses that were struggling to survive should be supported, while companies that are comfortable should be encouraged to keep their employees.

Businesses should be categorised based on their needs so the authorities can help them effectively.

Tanit added that just providing soft loans will only result in financial institutions facing the problem of non-performing loans in the future.

“Businesses that rely on foreign tourists should not be provided with heavy aid until there are signs of foreigners returning, but those that depend on domestic tourism can be provided with subsidies to alleviate the situation,” Tanit said.

He also advised that the debt repayment period be postponed for companies in the industrial sector, adding that financial institutions need to know which of these firms will survive. He said at this point, state agencies can step in and provide a new source of funding.

“The packages should focus on proper financial aid,” he said, adding that the number of unemployed may hit 3 million because the tourism industry is not expected to recover until next year.