BANGKOK, May 26 (Reuters) - Thailand’s finance ministry said on Monday it planned to borrow 50 billion baht ($1.53 billion) early next month to make payments to rice farmers who have been waiting for months for money owed under a controversial state buying scheme.
The ministry will invite 32 financial institutions to bid for the loan, it said in a statement.
“It will be a term loan worth 50 billion baht first and the remaining 40 billion baht will be sougth later,” it said. The state bank running the scheme has estimated arrears at around 90 billion baht.
The ministry will open bidding for a three-year loan for 30 billion baht on June 6 and one for the remaining 20 billion baht on June 13. ($1 = 32.5950 Thai Baht) (Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Alan Raybould)