The Bank for Agriculture and Agricultural Cooperatives has postponed the rice price guarantee scheme till after the election, pending the new administration.

The bank has reaffirmed that the program will be retroactive for eligible farmers and the crop price will be indicated by the new government.

The Bank for Agriculture and Agricultural Cooperatives or the BAAC has decided to postpone the new round of the rice price guarantee scheme, which was scheduled to take place this month, due to the upcoming election.

The bank has pointed out that the current government is merely a caretaker administration and as a result, the National Rice Policy Committee, which has been responsible for setting the reference price, is now momentarily deactivated.

At any rate, the bank believes that the new government will give priority to the program and eligible farmers will be able to receive compensation retroactively, just in time for the harvest season at the end of the year.

About the concern that some farmers might be confused by the Pheu Thai Party's campaign promise to reinstate the rice pledging policy, the bank claims that most farmers support the current price guarantee scheme.

However, the bank has indicated that the new administration could bring back the pledging program but it must clearly regulate the quantity of rice to be pledged and the price to ensure efficiency and fairness.

Source: TANN