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Iran: Expediency Council authorizes loans from foreign banks

Tehran, Nov 12, IRNA-The Expediency Council on Saturday settled two disputes between parliament and the Guardian Council authorizing government organs to take loans from foreign banks and okaying judicial accord with Algeria signed earlier by the Justice Ministry.

The parliament had passed legislation as per bills from respective ministries, but, the Guardian Council rejected them as being against Islamic tenets.

IRNA economic correspondent said that Guardian Council's rejection of the bill on using foreign funds for economic projects had suspended contracts between Iranian and foreign partners bringing many projects to a standstill.

Foreign partners regard financing economic projects in Iran as lucrative given the satisfactory proceeds they can gain from their investment in Iran.

The second discord between the parliament and Guardian Council was a judicial accord between Iran and Algeria. The Guardian Council had rejected it on ground of being against national sovereignty.

The Expediency Council voted in favor of parliament (Majlis), but, made it clear at the same time that national and Islamic dignity should be taken into account in implementation of the accord.

The Expediency Council, the arbitration body, is empowered by the Constitution to arbitrate between parliament and the Guardian Council when the latter challenges legislation passed by the legislature for different reasons.

... Payvand News - 11/13/05 ... --

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