$92m Worth of Gov’t Debts to Be Cleared in Swap Deal

The government has decided to clear over 4.45 trillion rials ($92.7 million) worth of its debts to contractors and companies through a debt swap deal with Iranian Privatization Organization and Iranian National Tax Administration.
The decision was made during a Cabinet meeting on Wednesday attended by First Vice President Es’haq Jahangiri.
Based on the measure, the government will clear its debts to seven companies, including Touss Power Generation Management Company, Mapna Parehsar Power Plant Company, Gohar Energy Sirjan Company, Pasargad Energy Development Company, Shiraz Mechanic Company, Etemad Mehr Kish Energy Development Company and Oil Industry Pension Funds.
The debt swap mechanism was first introduced in articles 2 and 3 of “removing obstacles to competitive production and improving the country’s financial system” law ratified in May 2015.