President presents next year budget bill to Majlis

Gov’t to sell $3.3b in bonds to plug budget deficit

Financial Tribune – The Ministry of Economy will issue Islamic financial securities worth 380 trillion rials ($3.3 billion) to partly compensate the budget deficit for the current fiscal year (March 2019-20).

The figure is apart from the 380 trillion rials originally approved by Majlis in January when debating the budget bill, Fars News Agency reported.

As per a government directive sent to the Ministry of Economy and the Plan and Budget Organization, the former is in charge of selling bonds and the PBO is tasked with allocating budgetary credits for reimbursing the principal and interest of the securities in the next budget.