Financial Tribune - Economy Minister Farhad Dejpasand says considerable changes are in the making to reform the procedures of future privatization programs

The Iranian government will institute fundamental changes in the existing procedures regarding privatization.

It’s nearly 28 years since the first privatization sale in Iran’s economy.

State assets worth 3.32 trillion rials ($29.25 million) were handed over to the private sector under the second government of late President Akbar Hashemi Rafsanjani (March 1994-98).

Privatization deals worth 25.15 trillion rials ($221.58 million) were finalized by the subsequent administration (March 1998-2006).

In July 2006, Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei issued new marching orders to step up privatization of the economy.

As a result, the volume of privatization carried out during the two-term administration of former president, Mahmoud Ahmadinejad, (March 2006 to 2013, jumped to 1,026 trillion rials ($9.03 billion).

And since June 2013, the government of President Hassan Rouhani has sold off state-owned enterprises valued at 480 trillion rials ($4.22 billion).