TEHRAN -- Minister of Economy and Finance Tahmasb Mazaheri said that the absence of decisions to remove subsidies on basic commodities has given way to wastage, IRNA reported.

Mazaheri told reporters that decisions are urgently needed to prevent wastage of goods for which subsidies are allocated.

He said the lack of a framework for making such decisions has resulted in slow pace of making subsidies targeted.

He said subsidy for targeted group, which is different from the elimination of subsidies, has never been touched in national economic related subjects.

Elsewhere in his remarks, Mazaheri said bonds will be issued this year to fund the completion of the semi-finished development projects, and infrastructural affairs.

Describing the foreign investment law as explicit, clear and transparent, the minister said once the law's final charter is drafted in the next two months, the current ambiguities would be removed.

Mazaheri further said that plans are underway to privatize banks.