Recently, the Ministry of Finance, in collaboration with the Bank of Thailand (BOT), has been continuously implementing measures to assist debtors in line with the current situation. These measures consist of three parts: addressing existing debts to alleviate burdens in accordance with reduced incomes, providing new funds for short-term working capital, and creating additional income sources. Most recently, the BOT and the Ministry of Finance have revised the rehabilitation loan conditions to support businesses ready to invest in enhancing their capabilities to keep pace with digital trends and environmental sustainability. They also provide consulting and financial skill enhancement to help individuals understand debt management and financial planning, covering all types of debtors, including individuals, SMEs, and large enterprises.

To ensure continuous, targeted, and timely assistance for individual debtors, the Ministry of Finance and the BOT have jointly organized the event titled "Debt Relief Fair: Addressing Debt for Sustainable New Beginnings." The event is divided into two phases. The first phase will open channels for debt negotiation between debtors facing repayment issues who have not yet received assistance and creditors through an online system from September 26 to November 30, 2022, lasting for two months. In this instance, the Ministry of Finance and the BOT have partnered with various financial institution associations and financial business groups.

Currently, 56 financial institutions have agreed to participate, covering debts from credit card loans, personal loans, car hire purchases, vehicle registration pledges, nano-financing, as well as loans managed by asset management companies and all types of loans from specialized financial institutions. In the second phase, the Ministry of Finance and the BOT, together with the Association of State Financial Institutions, will enhance financial literacy programs alongside promoting financial discipline. They will also support citizens in need to access funding sources from state financial institutions and organize traveling fairs in Bangkok and all four regions of the country, expected to take place from November 2022 to January 2023.

Mr. Pornchai Teerawet, Director of the Fiscal Policy Office stated that household debt has been a structural problem in the Thai economy for many years, especially in the last two years when the Thai economy was severely impacted by the COVID-19 situation. Currently, as the Thai economy gradually shows clearer signs of recovery, the recovery is not yet widespread (K-shaped), coupled with rising living costs and interest rates. Therefore, to ensure that the economic recovery does not falter, it is essential to address household debt issues promptly, particularly for vulnerable groups whose incomes have not fully returned.

Sustainable debt resolution, beyond mediating and alleviating existing debt burdens, is crucial for building financial skills and vocational knowledge among individual citizens. This will enable them to achieve sufficient and stable incomes and manage their finances appropriately. The Ministry of Finance has been promoting specialized financial institutions to develop financial knowledge, vocational skills, and digital literacy to communicate with individual citizens nationwide. Additionally, there is an operational plan for financial skill development from 2022 to 2027, aiming to instill financial knowledge from childhood and encourage lifelong learning in this area.

Mr. Ronadol Numnon, Deputy Governor for Financial Institution Stability at the BOT stated that household debt in Thailand is a significant long-standing issue caused by various factors. Addressing it requires time and a comprehensive approach, relying on cooperation from all sectors. Importantly, it is necessary to consider appropriate methods while being mindful of various side effects, especially for debtors. This debt relief fair is one of the key missions to address the debt problems of vulnerable debtors whose incomes have not returned to normal due to the COVID-19 situation or who are affected by rising living costs and interest rates. It aims to provide comprehensive and targeted assistance. Furthermore, to manage household debt comprehensively, the BOT will issue policies for sustainable household debt resolution, such as responsible lending guidelines that cover the issuance of quality new loans and timely information that debtors should know to encourage financial discipline, as well as establishing infrastructure conducive to sustainable household debt resolution to drive and coordinate efforts across all sectors in this matter. Additionally, to expand financial protection for leasing debtors, the BOT is in the process of drafting legislation to further regulate this business.

The Ministry of Finance and the BOT hope that the Debt Relief Fair: Addressing Debt for Sustainable New Beginnings, which covers a wider range of debts and creditors than previous events, will help citizens effectively resolve their existing debt burdens in line with their repayment capabilities while also promoting financial knowledge and creating financial discipline to escape the debt trap sustainably. Registration for debtors will open from September 26, 2022, onwards.