Iran girds up for global economic crisis

August 2, 2009 - 0:0

TEHRAN -- The government is determined to protect Iran’s economy from the effects of the global economic crisis and to support the country’s corporations, Minister of Economic Affairs and Finance Shamsoddin Hosseini said on Saturday.

Recent reports indicate that Iranian corporations and manufacturing plants have a serious liquidity problem.
The car-manufacturing giant Iran Khodro and 150 other companies are facing a liquidity crisis and the aluminum producer Iralko is dealing with a major financial crisis.
Hosseini said that last year President Mahmoud Ahmadinejad established a committee, consisting of a number of cabinet ministers and chaired by the economy minister, to study the global economic meltdown and its possible effects on Iran.
One month later, the committee delivered a report to the president on the results of their studies, he added.
And another committee, chaired by the industries and mines minister, was established a few months ago to support domestic production, he explained.
Hosseini also said that Ahmadinejad ordered the cabinet to monitor Iran’s economic and financial situation and to devise plans to deal with any problems they discover