Tehran Municipality Debts Top $7.6 Billion
Economy, Domestic Economy

Tehran Municipality Debts Top $7.6 Billion

Tehran Mayor Mohammad Ali Najafi said the municipality owes over 300 trillion rials ($7.69 billion), mostly to banks and contractors.
“The outstanding debt is 1.7 times more than the municipality’s total budget for the current fiscal year (March 2017-18),” he was quoted as saying on the Ministry of Roads and Urban Development’s website.
Najafi put TM’s budget for this year at 179 trillion rials ($4.58 billion), twice its outlay for the year ending March 2012.
“But in inflation-adjusted terms, this budget is 20% smaller than what it was six years ago, when we take into account the purchasing power,” he said.
“Out of 90 trillion rials ($2.3 billion) projected for the TM budget for the first half of the current year (March 21-Sept. 22, 2017), only 67 trillion rials ($1.7 billion) or 72% have been allocated,”
The mayor added that to complete Tehran’s infrastructural projects, TM needs 225 trillion rials ($5.76 billion), which is more than the city’s annual budget and definitely manifold bigger than the budget allocated to development projects.
Noting that Tehran needs to tap into private sector potential and foreign investments, Najafi said, “Some 72% of the projects in Tehran need further funding even after they are completed. The municipality’s local resources are unlikely to be adequate to conduct and complete these projects. Therefore, we are thinking of establishing a so-called city development fund.”


Short URL : https://goo.gl/VtcHRG
  1. https://goo.gl/WXujKL
  • https://goo.gl/1LC2Nh
  • https://goo.gl/kVUnFt
  • https://goo.gl/yU2ysE
  • https://goo.gl/ck83WM

You can also read ...

Nat’l Virtual Currency in the Offing
Months after the idea was first publicized, it seems that Iran...
Valiollah Seif
Governor of the Central Bank of Iran said on Wednesday anti-...
Lexus’ New Crossover to Break Cover  in March
Lexus will pull the covers off of the production version of...
5th Indian Wheat Cargo Arrives for Afghanistan in Chabahar
India’s fifth consignment of wheat to be sent to Afghanistan...
Presale Crosses  96,000 Gold Coins
The presale of Bahar Azadi gold coins priced at 14 million...
Spanish Foreign Minister Alfonso Dastis met with President Hassan Rouhani on Feb, 21.
Foreign ministers of the Netherlands and Spain are in Tehran...
SCI Puts Inflation  at 8.3%
The average goods and services Consumer Price Index in Iran...
Bank Loans Top $100b in 10 Months
Banks and credit institutions doled out more than 4.62...

Add new comment

Read our comment policy before posting your viewpoints