Over 60 million Iranians to receive $57-$73 as New Year cash assistance

Azerbaijan, Baku, Feb.5 / Trend F.Mehdi/

The Iranian administration and the parliament have decided to pay $57-$73 in cash assistances to over 60 million Iranians on the verge of the new Iranian calendar year which starts on March 21, the Mehr News Agency quoted Tehran province's chamber of commerce chairman Yahya Al-e Es'haq as saying.

Based on this decision, 60 million individuals will each be paid 700,000 rials (about $57) and $73 will be paid to poor families. The money will be deposited in family breadwinner bank accounts by February 28.

On January 14, MP Abdolkarim Hashemi told the Fars News Agency that the Iranian administration is a facing problem by providing money for paying cash subsidies to the public.

In such a situation the second phase of the subsidy reform plan could not be implemented, he added.

"For the time being the government is providing necessary money out of sources other than freeing up prices based on the subsidy reform plan," he noted.

The subsidy reform plan pays out $37 to Iranians while eliminating subsidies for fuels and some commodities.

Nearly 74.5 million Iranians receive cash subsidies. So the government has paid around 746 trillion rials (about $61 billion) as cash subsidies within the past 22 months, equalling 15 per cent of the national budget for the current Iranian fiscal year.

When the plan started in December 2010, it was expected to cause about $32 billion in liquidity. However greater demand for the cash subsidies and the government's money borrowed from the central bank to pay for them led to a $45 billion liquidity.

The government implemented the first stage of its targeted subsidies plan towards the end of 2010 in an attempt to wean the country off food and fuel subsidies. At the time, Ahmadinejad called it the "biggest economic plan of the past 50 years".

It allows the government to gradually slash subsidies on fuel, electricity and certain goods over the course of five years with low income families being compensated with direct cash hand-outs.

Subscribe to Trend in Google News! Subscribe
Romania plays very important role in Azerbaijan-NATO cooperation plan - Azerbaijani president
Romania plays very important role in Azerbaijan-NATO cooperation plan - Azerbaijani president
During second Karabakh war, we felt support of people of Kyrgyzstan - President Ilham Aliyev
During second Karabakh war, we felt support of people of Kyrgyzstan - President Ilham Aliyev
Turkey occupies very important place in international arena - Azerbaijani President
Turkey occupies very important place in international arena - Azerbaijani President
Loading Bars
Latest
Romania plays very important role in Azerbaijan-NATO cooperation plan - Azerbaijani president
Konkan Shakti 2021: India, UK take part in maiden bilateral tri-service exercise
Georgian public foreign debt on the rise
During second Karabakh war, we felt support of people of Kyrgyzstan - President Ilham Aliyev
Turkey occupies very important place in international arena - Azerbaijani President
EBRD talks details of putting out former uranium mining sites in Uzbekistan
Indian-origin Anita Anand is Canada's new Defence Minister as PM Trudeau reshuffles Cabinet
Kazakhstan reports decrease in volume of money transfers
Azerbaijan's Barda city commemorates victims of Armenian aggression during second Karabakh war (PHOTO)
Russia’s Gazprombank projects Azerbaijan’s refinancing rate level
Iran’s Shahid Tondgooyan Petrochemical Company reaches increase in production
Armenia ready to begin delimitation and demarcation of borders with Azerbaijan
Azerbaijani President congratulates Turkish counterpart
Saipem announces time of returning EBITDA to pre-COVID level
Iran shares amount of needed money for construction of roads, bridges in Khuzestan Province
Iran reveals volume of trade turnover via border terminals in Sistan & Baluchestan Province
Saipem reveals revenue forecasts for 2H 2021
Turkey acting jointly with Azerbaijan regarding normalization of relations with Armenia - FM
Saipem sees significant increase in revenues
Turkey reveals number of ships docking at Tekirdag port in 9M2021
Armenia lagged behind Azerbaijan in armaments issue – Armenian president
Azerbaijan talks ongoing work to restore houses damaged from Armenian shelling during Second Karabakh War - Trend TV (PHOTO)
Ryanair vows 5-day refund turnaround after COVID criticism
Hungary talks on measures to diversify gas supply routes
Hungary’s gas reservoirs 86% full, well above EU average
Investment projects in Turkmen oil and gas fields in Caspian Sea discussed at int'l conference
BSTDB ready to support Azerbaijan to meet emission commitments under Paris agreement (Exclusive)
Bank Keshavarzi Iran sees increase in loans issued for purchase of agricultural machinery
SOCAR’s STAR Refinery boosts crude imports
Turkmenistan Airlines simplifies clearance of int’l cargo transportation
Turkmenistan, Danish Haldor Topsoe to co-op in ammonia, methanol production
Azerbaijan sees significant growth in investment in capital market
Iran increases exports through Bilasuvar border checkpoint
Remains of two people found in Azerbaijan's liberated Aghdam - Prosecutor General's Office
Azerbaijan to discuss change of state duties
Iran announces amount of currency sold at NIMA exchange rate
Kazakh gas producing company opens tender to attract designing services
Iran allocates financial aid to support maritime industries
President Ilham Aliyev receives credentials of incoming Romanian ambassador (PHOTO)
President Ilham Aliyev receives newly appointed ambassador of Kyrgyz Republic (PHOTO)
Baku Stock Exchange talks readiness to issue "Green Bonds" for Azerbaijan's liberated lands
Israel 2021-22 budget clears parliament's finance committee
Kazakh banks increase lending value m-o-m
Iran builds prefabricated homes in Kish Island
Azerbaijan's Bravo auctions its first bonds via Baku Stock Exchange (PHOTO)
Azerbaijan completes repairs of houses in Jojug Marjanli damaged by Armenia’s shelling (PHOTO)
Azerbaijani oil prices decline
Georgia releases data on COVID-19 cases for October 28
Iran's Astara port , Russia's Astrakhan port declared sister ports
Kazakhstan reports increase in all types of deposits
Kazakhstan to consider construction of reservoirs in Kyzylorda region
Kazakhstan doesn’t plan to suspend scheduled flights – ministry
Iran reactivates fuel stations after cyberattack
Azerbaijan betters positions in revised Global Firepower 2021 rating
Iranian currency rates for October 28
Booster jab is important for long-term protection against COVID-19 - Azerbaijani doctor
National Iranian Oil Company discloses volume of gas to be extracted in country
SOCAR Ukraine sees 11% increase in fuel sales
Iran and Turkmenistan sign cooperation document
Iran's export to Kazakhstan increases
Azerbaijani boxers start performance in World Cup in Belgrade with victory
Azerbaijan repatriates 38 children from Iraqi orphanages – MFA
Turkey unveils number of ships docking at Antalya port
Iran's Energy Exchange announces products to be on sale on October 30
Brent falls to two-week low after inventory shock
Vienna talks to be resumed in late Nov.: Ulyanov
Georgia increases re-exports of vehicles
Coronavirus caseload in Kazakhstan climbs to 934,387
Iran prepares to boost maritime transit
Biden likely to head to COP26 without a final U.S. climate deal
6 companies to recall nearly 330,000 vehicles over faulty parts in South Korea
India rejects net zero carbon emissions target, says pathway more important
Australia eases COVID-19 travel advisory ahead of border reopening
Barcelona sack coach Koeman after loss to Rayo Vallecano
US, Turkey hold new talks to 'resolve F-35 dispute'
EU top court fines Poland 1 mln euros per day amid legal row
Turkey reports 26,896 daily COVID-19 cases
US tells Iran ‘window will not remain open forever’ to revive nuclear deal
Portugal's parliament rejects budget, snap election looms in 2022
Russian expert talks on importance of commissioning of Fuzuli Int'l Airport
Chronicles of Victory: President Ilham Aliyev interviewed by Russian Interfax agency on October 28, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 28, 2020
Blinken says he ordered reviews of State Dept's evacuation efforts out of Afghanistan
Moderna COVID shot could be used in U.S. children, teens within weeks
London launches Europe's biggest scheme to drive polluting vehicles off roads
14th batch of Sputnik V vaccines delivered to Iran Embassy in Moscow
GD leaders address supporters, promise Georgia's development
Opening of Fuzuli Int'l Airport landmark event for Azerbaijan and dev't of region- Russian expert
Japanese Noritsuisu Co. Ltd preparing to launch new project in Uzbekistan
Kazakhstan’s mining company opens tender on spare parts for truck
Uzbekistan to build its first digital control system substation
Turkey unveils its economy sectors attracting foreign investors
Azerbaijan reveals TOP-10 banks in terms of income for 3Q2021
Azerbaijan’s TOP-10 banks in expenditures terms for 3Q2021 revealed
TBC Bank to financially support Georgian farmers
Kazakhstan draws up national project for energy complex dev’t by 2025
Kazakhstan discloses deterioration degree of local power grids
Cairo-Moscow flight returns to airport due to suspicious message in cabin
Norwegian Air to lease 13 Boeing planes
McDonald's sales soar on higher prices, newer menu items
All news