Cabinet Okays SSO Bond Issue

President Hassan Rouhani’s Cabinet has approved a measure to repay its arrears to the Social Security Organization and the organization’s debts to a commercial bank. The ministers have approved a directive signed by First Vice President Es’haq Jahangiri, stating that “based on the recommendation of the Planning and Budget Organization of Iran, the Ministry of Cooperatives, Labor and Social Welfare is hereby allowed to issue a maximum of 10 trillion rials ($268 million) worth of Islamic bonds to clear a portion of government debts held by SSO”, reports Fars News Agency. The bonds will serve a double purpose, as they also help clear the SSO’s debts to Bank Refah Kargaran.