Parliament sets deadline for settlement of debts

A view of Iran's Majlis

A view of Iran’s Majlis

TEHRAN Feb 17(Shana)–Iran’s parliament approved a law that gives Petroleum Ministry’s subsidiaries a two-year period for payment of their debt to Central Bank of Iran and other commercial banks.

Members of parliament made the decision during yesterday’s debates on next year’s budget bill.

The related paragraph considers a two-year moratorium for repayment of principal and interest Petroleum Ministry’s subsidiaries are owed to the Central Bank of Iran and commercial banks of the country.

After integrated commission of the parliament approved general terms of the budget early this week, parliament has started debates on passing next year’s budget bill.

Next year’s budget is less dependent on oil revenues which make up just 540 trillion rials of total revenues of the budget.