Iranian MPs Approve $4 Billion in Bonds in 2019-20 Budget Bill

A Majlis Joint Commission spokesperson said lawmakers have approved part of the government budget bill that allows the Oil Ministry to issue up to $3 billion in Islamic bonds in the next fiscal year that starts in March.  
The decision comes as part of Note 5 of proposed budget allowing related to the ministry’s debt repayment. The provisions stipulate that the ministry may issue Islamic bonds through affiliated public companies up to $3 billion in rials and foreign currency.
Earnings from the five-year bonds should go for repaying the principal amount plus interest on matured bonds, reimburse liabilities to banks and pay contractors.