Report: U.S. sanctions on Iran bring its pension system to near collapse
“As much as 80% of Iran’s retirement funds rely on government subsidies, which the documents refer to as unsustainable for not just pensions, but for food products, drugs and fuel.”
By BENJAMIN WEINTHAL A woman looks at exchange rates by the window of a currency exchange shop in Tehran's business district, Iran(photo credit: RAHEB HOMAVANDI/REUTERS)
US National Security Council documents say that Iran’s pension fund system is close to collapse, according to a Fox News report on Friday.“US officials are pointing to this as evidence of just how punishing the ongoing ‘maximum pressure’ campaign against Iran has been,” Fox News reported.The US news organization reviewed National Security Council documents about the shaky Iranian pension fund system. According to its media report, “The impact has been so severe that of the 18 existing retirement funds in Iran, 17 are in the red, according to these documents. That includes the pension funds for all of Iran’s armed forces.”Fox reported “As much as 80% of Iran’s retirement funds rely on government subsidies, which the documents refer to as unsustainable for not just pensions, but for food products, drugs and fuel.”Fox News wrote that “There are also signs of a growing crisis in Iran’s real estate market. The documents refer to the interconnected challenges as a ‘house of cards.”’Secretary of State Mike Pompeo told ‘Fox News Sunday,’ that Iran’s regime has “Fewer resources. We can see it with the Shia militias in Iraq. They’re scrambling for resources. We think the Iranian government will shrink, that their GDP will shrink by as much as 12 or 14% this year,” Pompeo added. “This will reduce their capacity to purchase the things they need, the equipment they need, the materials they need, to inflict terror around the world.”The US ‘maximum pressure’ campaign seeks that Iran’s clerical regime abandon its enrichment of uranium and nuclear program, end its ballistic missile program and stop its spread of terrorism.
