Majlis Approves Gov’t Bond Program

The Majlis on Tuesday accepted sections of the March 2020-2021 budget bill related to ways and means the government and state-run companies can raise funds via the debt market. 
As per the approvals, the government can issue bonds worth up to 100 trillion rials ($400 million) to pay the principal and interest on bonds sold in the framework of previous budgets, the parliamentary news website ICANA reported.
The government has allowed the Oil Ministry and affiliated companies to issue bonds worth $3 billion in local and foreign currency to repay bonds, bank loans and oil and gas contractors.