Gov’t Plans to Issue Bonds worth $2.2b

The government plans to issue 85 trillion rials ($2.23 billion) of Islamic Treasury Bonds in the near future to fund incomplete projects across the country, the chairman of Iran Planning and Budget Organization said.

Financial Tribune - The government plans to issue 85 trillion rials ($2.23 billion) of Islamic Treasury Bonds in the near future to fund incomplete projects across the country, the chairman of Iran Planning and Budget Organization said.

Mohammad Baqer Nobakht added that currently more than 2,000 construction projects across the country are incomplete, SENA reported.

 “The government had earmarked about 600-650 trillion rials ($15.7-17.1 billion) for completing these projects in the budget bill for the new Iranian year (March 2017-18). However, after the revision by the Majlis Joint Commission on Wednesday, the figure was raised to 700-750 trillion rials ($18.4-19.7 billion),” he said.

The commission is a parliamentary body responsible for reviewing the budget bill as well as the five-year development plan proposed by the government before its final ratification.

The government has issued 420 trillion rials ($11.05 billion) of bonds so far in the current fiscal year, which ends March 20, to make up for its budget deficit.

Feb 25, 2017
Financial Tribune |