December 2, 2023

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Details on Finance Ministry’s plans for ‘Surge in Production’ announced

TEHRAN – Iran’s minister of finance and economic affairs has notified the government agencies, banks and insurance companies of the ministry’s plans for “Surge in Production”, which is the motto of the current Iranian calendar year (started on March 20), Tasnim news agency reported on Tuesday.

As reported, the Finance Ministry programs cover five major areas including production financing, investment reinforcement, and foreign trade development, improving the business environment, financial discipline, as well as activation of the government’s idle assets.

As for the financing of productive projects, the ministry has put the priority in funding production units that present a specific plan and roadmap for boosting production.

Selling the banking system’s idle assets and facilitating the process of granting facilities to production units and designing bank credit instruments to facilitate financing the production of domestic products were also among the programs underlined by the ministry.

As for the investment development, strengthening and expansion of effective monitoring of existing investment projects with the aim of identifying and resolving their problems as well as pursuing and attraction of foreign finances and facilities from international development organizations through activating a new foreign policy system and forming a strategic committee with the relevant agencies are reported to be the major programs on the ministry’s agenda.

The development of electronic systems in customs with the aim of facilitating foreign trade along with facilitating the imports of capital goods and raw materials through the reduction of customs processes have also been mentioned as some of the main components of the country’s export strategies.

Accelerating the country’s licensing system and the development and completion of the national licensing portal in order to facilitate the issuance of all sorts of licenses for production units were also stressed with regard to the improvement of the business environment.

Reorganization of less efficient state-owned companies and prioritization of awarding such companies to the private sector in order to boost the domestic production is also another major goal of the Finance Ministry plans.

Non-inflationary provision of public budget resources by increasing the share of cash equivalents is also among such programs.

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