Srettha pledges to address Thai civil servant debt issue

Senior Minister Thvisorit Khiriko has promised the government will crack down on the 3 million public servant debts and is pledging that the government will do everything to solve the problem.

The PM Srettha mentioned about the interest rate getting reduced and its importance in decreasing the financial burden. He also discussed the achievements made within the last two month and after the meeting of 11 agencies which were solely set up to clear the mess of the civil servant debt problem.

The PM who turned 62 warned that exhausting all available state funds risks worsening the crisis that might develop into a national emergency and the heads of the state agencies addressed the managing authorities of the banks to negotiate the reduction of the interests. Meanwhile, he highlighted the published statement of the Bank of Thailand not to have changed their content.

Moreover, she asked for smooth financing on the side of the CPD towards presenting the government’s debt relief plan through the cooperatives, emphasizing the tough situation of the civil servants who have a lot of debt in their personal cooperatives.

Besides that, PM Srettha namely discusses with officials from SLF to consider lowering of interest rate on the loans in default status along with the fact pointed by Deputy Police Chief Kittirat Phanphet, the challenges with which civil servants are facing are dealt with.

However, at the meeting, officials shared numbers that were both eye-opening and appalling. Whilst paying back the debts, the situation remains dire for many as a number of people are not able to pay their residence expenses after meeting their payments, proposed the necessity for financial aid for such.

“Addressing the debt crisis among civil servants is not just a duty, but a moral imperative for the government to ensure the financial well-being of its citizens.”

At this point in time, the top level official Defense Permanent Secretary Nanthana Sangkhachan warned the meeting of efforts of the ministry done to help forces who were in financial predicament.

Toughening civil servant debt emergence day by day to a point it has become a national problem, for which there is a necessity of proper and comprehensive tactics, to decrease financial strain on millions of people in the country as soon as possible.

Addressing Thailand’s Civil Servant Debt Crisis

PM Srettha’s actions to ask the Cooperative Promotion Department and the College/Student Loan Fund management team to join forces in solving this problem reflects a multifaceted approach to tackling this problem concurrently from numerous positions.

With the declaration of Deputy police chief Kittirat Phanphet failing to the vast sums, $11 million of the national debt, the immediate action is required for resolving the issue. The situation of tens of millions of civil servants hardly making a living has demanded a timely solution from the government, helping to avert additional economic hardships and relieve the challenges that individuals and families throughout the nation are facing.

With the discussions and measures as guiding principles, implementing a sustainable solution that pinpoints the major causes of the debt issue and secures the fianancial stability of civil servants would be the mandate of all playing parties.