The chairman of the Tehran Chamber of Commerce, Industries, and Mines has announced that the Ministry of Economic Affairs and Finance has approved the TCCIM support package of economic measures to counter the effects of the global economic crisis.
"We sent this package to the president, and then the package was sent to the Ministry of Economic Affairs and Finance. The ministry held a meeting, and in this meeting all the clauses were studied and everyone approved them," TCCIM Chairman Yahya Al-e Es'haq told the ISNA news agency in Tehran on Saturday.
He said the package, which is separate from the Fifth Five-Year Economic Development Plan (2010-2015), has 18 clauses meant to counter the economic effects of the global economic meltdown and will support manufacturers as well as various economic sectors.
The package calls for the government to make loans to banks and financial institutions, to reduce the base rate of interest, and to purchase shares of certain banks that are threatened by bankruptcy.
The TCCIM package to jumpstart the economy also includes new plans for direct government investment in infrastructure and construction projects, tax discounts and tax exemptions to encourage investment and increase the people's purchasing power, the enhancement of export incentives, the encouragement of direct foreign investment, and the revitalization of the housing sector.