The Leader of the Islamic Republic of Iran Ayatollah Sayyid Ali Khamenei granted a request by Iranian President Mahmoud Ahmadinejad for allocating state-owned shares to low-income strata on Monday, July 3.
In his request, the president had called for allocating state-owned shares specified by Article 44 of the Iranian Constitution to provincial investment agencies, including cooperatives in towns and small cities, and also to the 20 percent of Iranian population that earns the lowest income.
Ayatollah Khamenei, in his response to President Ahmadinejad, also stressed the need for the establishment of an efficient headquarters that should be assigned to implement the macro policies on Article 44 of the Iranian Constitution and prepare the ground for the country's economic growth and development by utilizing all national assets and potentialities.
The text of the Leader's response to the president's request is as follows:
In the Name of Allah, the Beneficent, the Merciful
Dear Dr. Ahmadinejad,
The esteemed President of the Islamic Republic of Iran,
I grant your request for allocating a portion of state-owned shares specified by Article 44 of the Iranian Constitution in the manner which follows:
1 - The installment selling of up to 50 percent of state-owned shares specified by Clause C of Article 44 to provincial investment agencies consisting of cooperatives in towns and small cities is agreed to.
2 - The price of shares is to be determined at the stock market.
3 - With regard to the 20 percent of Iranian population with the lowest income, some 50-percent discount in the price of shares and the selling of shares in 10-year installments are allowed.
4 - Provincial investment agencies should be admitted to the stock market with the government's assistance, and they should work to increase the returns on their capital in conformity with the trade law.
5 - State-owned shares specified by Article 44 will be allocated to each provincial investment agency proportional to the number of members of each province's cooperatives.
6 - The buying or selling of the shares of provincial investment agencies at the stock market is allowed to the extent that the installments on those shares have been paid or to the extent that the shares have been discounted.
7 - Identifying those constituting the 20 percent of Iranian population with the lowest income should be carried out by using exact scientific procedures, and the residents of villages should receive special attention in this respect.
8 - The implementation of this project should not cause an increase in or the continuation of the government's responsibilities toward the state-controlled agencies whose shares are liable to transfer.
It is worthy of mention that despite the lapse of a considerable span of time since the notification of the macro policies on Article 44, a national campaign to promote investment and create jobs has not been launched yet, and executive measures have not yet been taken in this regard.
Therefore, it is necessary that you assign an efficient headquarters to undertake full responsibility for the implementation of the macro policies on Article 44 and prepare the ground for the country's economic growth and development without any waste of time by utilizing all national assets and potentialities.
I would also like to emphasize the need to adequately inform the general public in this regard so that certain groups will be prevented from enjoying special privileges and to encourage the Iranian people to make investments so that the country's economic and business atmosphere will be improved.
I pray to Almighty Allah for your success in serving the great Iranian nation and in administering social justice.
Sayyid Ali Khamenei