Gov’t Wants to Sell Assets via the IME

Business And Markets January 02, 2022 12:09 0 Gov’t Wants to Sell Assets via the IME . . . . .

The government plans to sell its excess property via the Iran Mercantile Exchange in the near future, the IME’s deputy for supervisory affairs said.
Reflecting on the government’s emphasis on tapping the IME’s capacity in divesting unneeded assets owned by the administrative bodies, Javad Jahromi said the Economy Ministry has identified 383 properties that could be sold at the IME.
“Out of these 34 are being listed with the IME and will be put up for sale in the coming weeks,” he told IRNA.
Earlier Mo’ein Mohammad-Pour, head of the IME’s Economic Studies Department, spoke about talks with Tehran Municipality for selling its real estate at the IME.
Selling property at the IME has precedent. The Ministry of Defense, Ministry of Road and a private bank are among the bodies that successfully sold assets via the market in the past.
Despite the fact that the government is facing chronic budget deficits, many government and state organizations refuse to cooperate in realizing revenues from such sales as projected in the national budgets in the past few years.
In October, First Vice President Mohammad Mokhber instructed governor generals to set up provincial taskforces for addressing issues related to the divestiture.
Taskforces have the mandate to “continuously” work to identify surplus assets and property owned by the administrative bodies and collaborate with the Economy Ministry to sell the assets. The divestible assets can be sold either via public auctions or the IME.
Income from divestitures is supposed to be allocated fully to the provincial administrative body that has divested the property as per the budget law.
Budget rules stipulate that earnings from divestment of government properties must be allocated to fund infrastructure and development projects.

Iran Mercantile Exchange . . . . https://financialtribune.com/node/111886Click to copy the urlCopied . Republishing Guidelinessorce