Iran News ...


11/7/04

9.6 billion dollars withdrawn from Iran's foreign exchange reserve fund

Tehran, Nov 6, IRNA -- Since the beginning of the inception of the Foreign Exchange Reserve Fund (FERF) as a source for accumulating surplus budget revenues, over dlrs 9.640 billion had been approved to be channelled into 1,217 projects by the end of the first half of the current Iranian year (started March 20).

The figure approved was dlrs 8.54 billion by the end of last year which was allocated to 1,058 projects.

The sum of the total disbursement were 12 and 13 percent in terms of number of projects and payments, respectively, compared to the same period last year.

Funds have been earmarked for over 168 agreements signed in the first half of the year which is 18 percent higher than the same period in the previous year.

Over dlrs 7.2 billion of credit was withdrawn from Foreign Exchange Reserve Fund (FERF) and allocated to industrial projects in the first half of the year. The sum was allocated to 966 projects throughout the country.

Earmarking this amount of funds to the industry is unprecedented which will hopefully lead to reducing the unemployment rate in the nation.

Private investors are key to creating jobs and to this end the national planners should pay special attention to drawing up plans to strengthen support for domestic and foreign investors.

The government-affiliated companies are not eligible to obtain loans from the fund which is only paid out to the non-governmental sector and for the priority projects of the industry and mines ministry.

Several other manufacturing plants, with capital investments of over dlrs 820 million also withdrawn from the FERF, will have been operative by the end of the current year which is the last in the development plan.

Minister of Economic Affairs and Finance Safdar Hosseini said here in September that the private sector has submitted project proposals worth dlrs 8 billion.

"Some dlrs 2 billion of the amount have so far been paid to applicants from the Foreign Exchange Reserve Fund," he stressed.

He said that an additional two billion dollars will be allocated for private sector projects.

"The Foreign Exchange Reserve Fund will continue to allocate funds for private sector investment and creation of jobs," he said, adding that the fund has primarily been set up to save surplus oil revenues for use during periods of falling oil prices.

... Payvand News - 11/7/04 ... --



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