• time : 9:35:11
  • Date : Sat Jun 20, 2020
  • news code : 194894
Acceptable economic growth needs a thousand thousand billion tomans of financing
In the meeting of Tehran Chamber of Commerce, Industries, Mines and Agriculture, Minister of Economic Affairs and Finance said: This year, we need one thousand thousand billion tomans of financing to achieve acceptable economic growth and the private sector must provide at least 50 percent of this amount.

(SHADA: TEHRAN) -- Pointing the performance of the Ministry of Economy and the Tax Administration during the Coronavirus epidemic, the Minister of Economy considered the measures taken as evidence of the ministry's support for economic activists.

Dejpasand also referred to the decision of the Supreme Council for Economic Coordination regarding the ban of the Tax Administration from reviewing the files of the years before 1398 of all the companies that are admitted to the stock exchange this year, and said: Some criticize that this helps tax evaders, while the implementation of this resolution only applies to those whose financial accounts are clear to the Tax Administration.

The Minister of Economy reminded that this year we need a thousand thousand billion tomans of financing to achieve acceptable economic growth, and said: The private sector, with its capacity, must provide at least 50 percent of this amount.

In another part of his speech, the Minister of Economic Affairs and Finance announced the entry of private joint stock companies in 'the single window of starting a business' within the next two weeks. He also stated that four more provinces will enter the single window of starting a business by the end of July.

The Minister of Economic Affairs and Finance further said the electronic single window of starting a business will be completed and unveiled by the Fajr decade.

Explaining the steps taken by the Ministry of Economy to improve the business environment, Dejpasand said: If problems are resolved, the time required to issue a license will be reduced from 53 to 15 days.

He went on to point out some comments about the possibility of problems in the capital market in the future and stated: There is a possibility of problems not only in the stock market but in any field, and this is normal, but in order to minimize such a possibility, we must strengthen the capital market, which includes increasing the initial public offering and offering various stock market instruments.

In another part of his speech, the Minister of Economy talked about the importance of the position of the private sector in the economy and said: As we move towards development, the government's maximum presence in the economy should be reduced.

Stating that banks can no longer help alone to finance the private sector, he said. The procedure for financing the working capital of large economic enterprises by banks must change, and we believe that today, when such enterprises go to the banking system to receive facilities, in fact, there is oppression against small and medium enterprises.

One way to finance large firms is to list them on the stock exchange, Dejpasand said, adding: The initial public offering of corporate stocks itself is a great source of funding, in addition to the many other tools in the capital market that can help finance large-scale firms.

At the same time, he reiterated that the capital market is not going to replace the money market because the two markets are complementary and should interact with each other.

Banks are determined to sell their surplus property, but after 10 months of launching the system of supply and sale of surplus property of banks, only about 10 percent of demand has been registered by the private sector, the Minister of Economy continued.

Our expectation is that the private sector will be more involved in strengthening the banks' financial resources to provide facilities while reviving units that may not be efficient, he added.

According to the report, the Minister of Economy also asked the deputies and sub-organizations of his ministry to attend the upcoming meetings of the Tehran Chamber of Industry, Mines and Agriculture and take necessary actions to resolve the issues and problems of the Chamber's activists.

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