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 ...

US Sanctions on Iran Affect Trade With UAE
The latest US sanctions against Iran are forcing many Iranian...
New Government Policies Reduce Forex Demand
The implementation of new foreign exchange policies by the...
Failure to Safeguard Iran Deal Will Show EU Still a Paper Tiger
Just a few weeks ago, it seemed that the Iran nuclear deal...
Iraq to Respect Dollar Ban But Not All US Sanctions on Iran
Iraqi Prime Minister Haider al-Abadi stepped back from his...
Indian Tea Exporters Seeking Special Exchange Rate From Iran
The Indian tea industry has sought a special exchange rate...
Gold Coin Gains
The benchmark Bahar Azadi gold coin gained on Tuesday, as both...
Nvidia Rolls Out New Chip Technology for Filmmakers
Nvidia Corp on Monday released a new generation of chips aimed...
Google Tracks Your Movements, Like It or Not
Google wants to know where you go so badly that it records...

Add new comment

Read our comment policy before posting your viewpoints