Reza Farajidana

Iran’s minister of science and technology says the country’s universities have a collective debt exceeding 120 trillion rials.

IRNA reports that Reza Farajidana also announced that similar problems are faced by other sections of the executive branch.

“We are in an urgent economic situation, and some other areas of the executive branch are facing a lack of funds and budget shortfalls,” Farajidana said.

The minister of science said cabinet has already discussed the universities’ financial problems and the government is in the process of arranging credit and finding ways to overcome the budgetary shortfalls.