Iran’s construction budget has $13 bln deficit

Business Materials 11 January 2012 20:55 (UTC +04:00)

Azerbaijan, Baku, Jan. 11 Trend M. Moezzi

Iran's construction budget faces a $13 bln deficit because the government's income projections were not developed, Fars news agency reported.

The failure to sell the state-owned companies and organizations, less revenues from taxes and an approximately $15 billion deficit in the targeted subsidies program are the reasons for the missing funds in construction budget, Abbas Ali Noura who represents Iran's Sistan-Baluchistan Province in the Majlis (Iran's parliament) said. Having a shortage of funds, the administration has to take money from the construction budget, the representative said.
Members of the Majlis warned the administration that the budget would face a deficit, but their warnings were ignored, Mr. Noura said.