Iran’s foreign debt down 0.8% to $9.067bn in 8 months to late November
Iran has reported a slight decrease in its foreign debt as the country insists on a policy of avoiding borrowing from abroad despite economic hardships caused by the US sanctions and the spread of the coronavirus pandemic.
Figures published by the Central Bank of Iran (CBI) on Tuesday showed that Iran’s foreign debt had declined by 0.8% against figures reported in late March to a total of $9.067 billion in late November.
The figures showed that long-term debts accounted for 73% of Iran’s total foreign indebtedness in late November.
However, CBI’s November figures showed that Iran’s foreign debt had risen by 2.5% against August and by 3.7% against June.
Iran’s debt to GDP ratio is considered among the lowest compared to similar economies in the world. That comes as the country has largely avoided borrowing from other governments or international institutions over the past decades.
The policy has persisted in recent years despite the fact that Iran has been struggling under the economic impacts of American sanctions and the spread of the coronavirus pandemic.
Iran’s request for a multibillion dollar loan from the International Monetary Fund to battle the pandemic has stalled since 2020 apparently under American pressure.
However, the country has managed to withstand the pressure thanks to a series of policies meant to diversify the Iranian economy away from crude export revenues.
Iran reports slight increase in mining sector exports in April-October
Immunity of Iran’s shipping industry to illegal sanctions
Iran parliament committee approves to lower car import tariffs
Israel launches air strikes on Syria-Lebanon border crossing
Russia: Comprehensive deal with Iran will include defense, security ties
VIDEO | Israeli embassy shooting in Jordan leaves gunman dead, 3 police injured
VIDEO | Paris march in support of Palestine women
VIDEO | ICC issues arrest warrants for Israeli prime minister, ousted regime war minister
120 Palestinians perish as Israeli war machine keeps ravaging Gaza
VIDEO | Struggles of Palestinian women amidst war, displacement
VIDEO | Hezbollah rains attack drones down on elite Israeli brigade
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
