Iranian Parliament approves $5bn loan from Russia
Baku, Azerbaijan, Feb. 18
The lawmakers in Iranian Parliament have given permission to the government to take a $5bn loan from Russia to allow ownership of capital assets, Trend reports via Mehr News Agency.
The lawmakers 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 details the 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 estimate loan account, determine the 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 and Budget Organization.