310 people have taken loans from the development fund and do not pay them back
According to Iran Economist’s report, from the National Development Fund, Majidreza Hariri, referring to the non-repayment of facilities by the power plants, and emphasizing that the fund should not compensate for the lack of amendment of the contracts between the Ministry of Energy and the power plants, stated: There is an experience of the foreign currency reserve account. It has been very unsuccessful and the resources of that account were converted into Rials and eventually disappeared. After this experience and considering it, a new composition was established under the title of National Development Fund and it was announced that this fund should not be a governmental one; Rather, it should be national and the composition of the board of trustees should be such that it does not come under pressure. These issues are fully specified in the National Development Fund’s statutes, that the funds of the fund should not be Rials and should not belong to the government, but should be spent on private sector investments, those investments that can be reimbursed in foreign currency, and commitments should be made that the story of the reserve account Currency should not be repeated.
The fact that a power plant is not allowed to export is not the problem of the National Development Fund
He stated that, since 1392, some people have taken from the facility fund, the dollar was about 3000 tomans, he said that the fact that a person has pledged to give foreign currency is in its place. I don’t know what collaterals the broker banks have taken. It is true that all debtors are not equal. The fact that a power plant is built and not allowed to export by the Ministry of Energy is in some cases a correct statement; But all this is not the problem of the National Development Fund. Rather, the problem of the Ministry of Energy is with the power plant, and if the contracts are inconsistent with the original contract, they should take action to resolve it.
The insistence of the fund has been completely justified
The head of the Chamber of Commerce and Industry of Iran and China emphasized that the National Development Fund must defend its interests and stated: The board of trustees and the executive board, according to their duties, should not allow public property to be destroyed for the benefit of certain individuals or groups. . In my opinion, less than 310 people have taken all the resources and are not giving back. Of course, no accurate statistics have been published in this regard. A person who takes a loan, takes a risk and starts a business must calculate the risks from day one.
Hariri added: There is no basis for reimbursing Riyal facilities at the exchange rate of 4,200 Tomans. People received a foreign currency loan with an interest of about 4-6%, if they wanted to take a loan in Rial at the same time, they would have to pay at least 24% interest, which, taking into account about 8 years of delay, their penalty is 35%. What is the basis for saying that we pay 4,200 Tomans? Apart from putting pressure on some institutions and circles, they put pressure on the fund to misuse national resources. In my opinion, the method that the National Development Fund has taken and resisted so far is completely appropriate and correct.
He continued: The CEO of the National Development Fund rightly insists on this issue, and the only complaint is that, in my opinion, Mr. Doctor should publish the names of the debtors. As the names of the bank debtors were published, it should be determined whether the people who say that they cannot repay the taken facilities have established a power plant or not? Because I am personally aware that some have taken funds from the fund to establish a power plant, but they did not establish a power plant at all.
A solution for repayment of facilities
The head of the Chamber of Commerce and Industry of Iran and China to the question that what is the solution for the repayment of facilities for power plants that do not have resources? He answered: I think Mr. Ghazanfari’s words are reasonable. He has announced that the person who cannot return the funds of the fund according to the ratio that he used the resources of the fund on the day of the implementation of the plan, should hand over his shares to the fund.
There are plans that are among the debtors and their shares have increased more than 30 times since 2012. It is necessary to stand firmly and force all those who have taken from the facility fund and have not returned it yet, to return the funds of the fund. The fact that some have announced that workers will be unemployed if the facilities are repaid is absolute populism.
Hariri stated that the word “entrepreneur” is misused in the country and explained: the currencies that have been taken from various institutions so far, none of them were in the form of brokers, but all of them were in the form of production. Because the production in the country has been sanctified in an irrelevant way. Anything that becomes sacred creates a challenge. While there is no difference between producer, importer, exporter, distributor, etc. It is important to be economically active. For this reason, when the names of the bank debtors are announced, it is clear that all of them have taken loans in production clothes. This issue is also true for people who received currency for import and did not import. The people who came to the National Development Fund were also wearing the same clothes. In my opinion, just having such a dress does not give them a special right, and each and every account should be taken care of without any compromise.
He continued: The person who received the facility is obliged to inform the bank for what project he wants this capital. If it is spent on another matter, it is a crime. There is no problem if it is the same project. If they only bought bricks 10 years ago, today the price of those bricks has increased 10 times! Deliver the brick to the box. They can hand over the property or factory they built to the fund as much as they owe.
The head of the Chamber of Commerce and Industry of Iran and China, emphasizing that a large part of the inflation and price increase is the creation of money that has gone through a path like the fund, said: the figures of several 10 thousand billion tomans of facilities have been taken that have not been returned. This money entered the society and caused inflation, because the main cause of inflation is high liquidity.
Hariri went on to emphasize that the philosophy of creating funds like the National Development Fund in the world is to save resources from the sale of oil, and said: This savings should be used for the development of the country’s infrastructure. Unfortunately, this process has not been done properly in our country so far, or a small percentage has been realized.
Another issue that exists apart from the repayment of facilities is that the National Development Fund is being attacked from everywhere! Sometimes, with the permission of the parliament or the request of the institutions. Of course, since we are in a situation of economic war, sometimes we are forced to behave that may not have a logical justification. For example, they justify that when we are in a state of embargo and people have problems with bread, saving is not logical.
The need to increase the resources of the National Development Fund through investment
The head of the Chamber of Commerce and Industry of Iran and China went on to emphasize that the National Development Fund should increase its resources and explained: Part of the fund’s resources should be paid as facilities to producers or private sector project owners, but a part can be invested in The rest of the world or the buying and selling of securities in different countries. The value of resources and currency should increase with the fund. The fund can do collaborative work with foreign companies in Iran or in a third country. Of course, this issue requires a review of the fund’s performance. A comprehensive study should be done from the perspective of monetary-financial, macro-economy, as well as developmental and business economics. Working groups are needed to study and propose these issues. A comprehensive study should be done and comprehensive solutions should be given; Because the fund is neither the money market nor the capital market, but must use all these markets.
Hariri continued: an in-depth study should be done to define the advantages of the fund’s entry into any business and see what the country’s needs are. In my opinion, we are suffering from poverty in the field of infrastructure, and one of the priorities can be the development of roads, rails, ports, airports, and the purchase of airplanes and trains.
National Development Fund and recovery of facilities, without consideration
The head of the Chamber of Commerce and Industry of Iran and China emphasized that the National Development Fund should insist on recapturing the facilities regardless, and said: One of the best ways to deal with economic corruption and lack of commitment of people is transparency. By publicly announcing the names of individuals, they will be known to the society in the first place and the false reputation they earned with people’s money will disappear. Like every lending organization in the world, which has a strong legal department for the return of property, this work should be started in the fund as well, so that the claims are collected based on the obligations given by the borrower on the first day.