Iran’s foreign debt at $9.3bn, among lowest globally: Report

Iran’s foreign debt rose to $9.3 billion by late December, up 3.5 percent compared to nine months earlier, according to figures released by the Central Bank of Iran (CBI).

In a report published on Wednesday, Islamic Republic News Agency (IRNA) cited CBI figures showing that the country’s foreign debt had amounted to $9.348 billion at the end of ninth month of the current fiscal year on December 20.

The report said foreign debts had totaled $9.031 billion at the end of last calendar year on March 19.

It said $7.364 billion of the debts were long-term commitments and the rest, around $2 billion, were debts that would mature in the short term.

However, it said that the ratio of foreign debt to gross domestic product had reached 3.5 percent, among the lowest in the world.

Iran has largely avoided borrowing from abroad despite financial hardships caused by the American sanctions and the spread of the coronavirus pandemic.

Tehran’s request for a $5-billion loan from the International Monetary Fund, a body where Iran is one of the founding members, has stalled because of incessant US pressure.

Authorities have said Tehran needs the money for tackling one of the largest outbreaks of the coronavirus in the West Asian region.

Iran has tens of billions of dollars in untapped funds in several countries where payments for previous sales of crude have remained frozen in bank accounts due to the illegal sanctions imposed by the US regime.

The country also maintains nearly $100 billion in its sovereign wealth fund, where revenues driven from sales of crude are saved for key development projects.

SS