Rouhani’s letter, addressed to Ishaq Jahangiri, first reminds the vice-president of the raison d'être of the cabinet formation as being facilitating and easing the movement of wheels of economy to return the country back to path leading to growth and development well-fitting to the nation; “with this discourse on the agenda, which was a state-nation mutual demand, in recent two days, great steps have been taken by the government especially indefatigable efforts in having sanctions removed and improving the relations with the world; for example, the non-inflationary growth in 2014 was an outcome of these attempts in foreign policy,” the letter read.
“In the brink of the second half of the presidency, restoring boom to economy and providing grounds for an economic growth in harmony with and proportionate to country’s capacities and human force in a framework informed by Resistance Economy measures is a socio-political necessity,” continued the letter, addressing the first vice-president; “under the current condition, the restrictions coming out of lack of monetary, credit and financial discipline, which was a bitter fruit of the abundance of oil income, and confounded with sanctions hitting hard country’s banking and foreign finance systems, have infested the whole economic system of the country,” laments the letter, “with the responsibilities falling in the jurisdiction of your position, and using the provisions made in the law to tackle barriers on the competitive production and promoting country’s financial system, and through eliciting valuable advice from cabinet ministers and experts, the Central Bank Governor, and president’s current economic advisor, the comprehensive banking system reform blueprint and draft of preliminary investment market development to bring a general discipline to government’s debts with the following features be prepared and communicated to the public in coordination with the presidential office,” asserted the letter.
“In banking system, such a draft should contain measures to: restore order to provision of short- and mid-term credits for economic productive activities through banking system; restore order to provision and distribution of credits to small and middle-sized financial firms and to capital flew in financial firms by the banking system; prepare the grounds for competitive economic activity and considering acceptable standards and measures of excellence for financial statement of banks and credit firms; restore order to money markets through exploiting all capacities of country in accelerated regulating the activities of illegal financial credits and taking necessary measures to prevent such activities; improving the capacities of the banks to loan through cash investments of public and private ventures according to global standards and other relevant measures,” the letter continued.
“In capital market, the following should be on the agenda: channeling of provision of financial credits for long-term projects to capital market or foreign resources; channeling of provision of financial credits for large economic firms through capital market; and a general review of laws and regulations of capital market to improve its share in financing the economy,” it demanded.
The letter also demanded that the first vice-president to restore discipline to government expenditures through clearly setting the government debts to banks and contractor companies and setting a mechanism of payments, and designing a mechanism to regulate government new debts in a targeted manner.
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