Iranian government allocates substantial funds for retirees

Business Materials 12 June 2020 17:57 (UTC +04:00)
Iranian government allocates substantial funds for retirees

TEHRAN, Iran, June 12

Vice President of Iran and the head of Planning and Budget Organization (PBO) Mohammad Baqer Nobakht announced the allocation of $2.3 billion for retirees.

The funds are allocated despite in recent years, there were restrictions on resources, the head of PBO said during a meeting in South Khorasan Province, Trend reports citing ILNA.

"The country's budget is divided into two parts including current and development budgets," he said. “The current budget covers expenditures for welfare and social affairs, education and research, defense and security, and health and treatment."

He went on to say that PBO is entitled to manage this budget during the sanctions.

"In recent years, we have tried to increase salaries, and we have allocated up to $2.3 billion for retirees by saving in other sectors,” said Nobakht.

Referring to development expenditures of the country, the vice president stated that last year, they amounted to $14.2 billion.

“Over $8 billion has been allocated to development sector in the first quarter of the current year,” he said.

Nobakht emphasized that among the main government's policies in development sector are rail construction projects.

“Out of $2.3 billion dollar of credit allocated for construction sector in South Khorasan, $128 million have been provided in two years,” he said adding that 75 projects have been launched within last two years in the province creating 5,000 new jobs.