Azerbaijan, Baku, Oct.19/ Trend F.Karimov/
Iran will issue 10 trillion rials (about $401 million based on the US dollar official exchange rate of 24,900 rials) to fund tens of semi-finished development projects, IRIB reported.
The projected revenue will be used to implement dam and power plant building, water supplying, wastewater treatment, and power transmission projects across the country.
Some 320 trillion rials (about $13 billion) should be paid during the next four years to people in Iran who have bought bonds, the Alef website reported.
This issue will be main concern for economic officials in the country, because such a large amount of debt to people can lead a rise in the inflation rate.
Bonds with due date will amount to 82 trillion rials (about $3.3 billion). Considering 5-20 percent profit rate for the bonds, some 320 trillion rials should be paid to buyers during the next four years.
The Central Bank of Iran has confirmed that the national economy contracted by 5.4 percent in the past Iranian calendar year, which ended on March 20, Iranian economy minister Ali Tayyebnia said.
According to Iran's statistical center, the country's economy contracted by 5.4 percent in the past Iranian calendar year, ISNA quoted Iranian president's deputy for planning Mohammad-Baqer Nobakht as saying.
The Central Bank has put the inflation rate at 44 percent. This shows recession in the country, Nobakht said.
Low economic growth rate is currently the main challenge in the national economy, ISNA quoted Tayyebnia as saying.
Tayyebnia referred to high unemployment as another serious concern.
For the time being, some 3.5 people are unemployed in the country, he said, adding that the figure will soar to 8.5 million, because a large number of educated youth will be graduated from universities soon and will seek jobs.
The ministry will focus on improving the living standards through curbing inflation and flourishing businesses, he stated.
The Iranian administration and the parliament have agreed to issue 50 trillion rials (about $2 billion based on official rate of 24,800 rials per each USD) worth of bonds in the current Iranian year to finance development projects, IRIB reported.
The current Iranian year began on March 21, 2013.