22 Jul 2024
Monday 18 February 2019 - 23:45
Story Code : 339046

Iranian Parliament approves $5bn loan from Russia

MNA The lawmakers in Iranian Parliament have given permission to the government to take a $5bn loan from Russia to allow ownership of capital assets.

Thelawmakers in Iranian Parliament continued to discuss the next year (1398) budget bill in today's session and agreed with Part B of the Annex 3 of the bill which detailsthe income sources. According to Part B, the implementation of Annex 38 of amendments of the Budget Law of the fiscal Iranian year of 1395 was extended. According to Annex 38, the government can apply for the $5bn loan from Russia in order to own capital assets.

The loan will be used for owning capital assets in infrastructure and production fields in accordance with the Annex 1 of the budget law,which prioritizes new energy, nuclear, power, railways, highways, dams, irrigation networks and water transportation projects.

The procedure to estimateloan account, determinethe repayment term and the share of domestic construction and other loan conditions will be approved by the Cabinet after receiving the suggestions and advice of Ministry of Economic Affairs and Finance, the Central Bank of the Islamic Republic of Iran and the Planning andBudget Organization.

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