$23b of Gov’t Debt Clearance in Multilateral Swap Scheme

The government and the Central Bank of Iran have made good progress and will soon implement a previously-announced and much-anticipated multilateral debt swap agreement that will see the clearance of billions of dollars in government liabilities to the private sector, the deputy head of Plan and Budget Organization said.
“Something that has been considered in the [2018-19] Budget Law is that the regulator allowed the government to clear 1 quadrillion rials ($23.48 billion) of its debts to the private sector through a debt swap scheme with the banking system,” Hamid Pour-Mohammadi also told IBENA.
“In cooperation with the Ministry of Economic and Finance Affairs and the central bank, the first draft of the bylaw for this issue was devised and presented to the Cabinet,” he added.