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Iran: EC lets government withdraw 7 billion dollars from Forex Reserve Fund

Tehran, March 17, IRNA -- Expediency Council has authorized the government to withdraw dlrs seven billion from the Forex Reserve Fund in the next Iranian year (starting March 20), said lawmaker here on Wednesday.

Head of Majlis Joint Commission Hojatoleslam Majid Ansari said that the arbitration body had agreed to the withdrawal of dlrs five billion out of a total sum of dlrs 6.5 billion from the Fund by the government on the basis of a double-urgency bill.

Ansari said dlrs 1.5 billion out of the said sum will be added to this year`s budget to speed up the implementation of semi-finished development projects, while dlrs 2.9 billion will be provided to the government to settle its overdue debts and support the single parity rate system.

The government would hence use the dlrs 500 million, withdrawn from the Fund, to pay off its debts to the Agriculture Bank, extending dlrs 100 million more out of the said Fund to the military industries organization, added the lawmaker.

The Council, however, declined to approve the withdrawal of dlrs 1.5 billion extra budget from the Fund as had been proposed by the Majlis to be added to the credit, set aside for implementation of the development projects next year.

The Council also allowed the government to earn dlrs 2.3 billion through borrowing or sales of participation bonds in order to be spent on the development projects.

The government would have the authority to obtain dlrs two billion from the Fund and an additional dlrs 300 million through the sale of participation bonds, he concluded.

... Payvand News - 3/18/04 ... --

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