MP: Only about $48.1 billion of current year’s budget to be realized

Business Materials 2 November 2013 12:02 (UTC +04:00)

Azerbaijan, Baku, Nov.2/ Trend F.Karimov/

Iran faces deficit in the current year's budget, so that just 1200 trillion rials (about $48.1 billion based on the U.S. official exchange rate of 24,900 rials) of the predicted 2100 trillion rials ($84.3 billion) of the current year's budget will be realized, the Fars News Agency quoted MP Mousareza Servati as saying.

Some 400 trillion rials of the current year's budget is related to selling shares of state-run companies and 250 trillion rials is related to selling bonds, he explained.

Moreover, 60 trillion rials are projected to be gained through selling Islamic sukuk, he noted.

Also, oil revenues are projected to hit 630 trillion rials (about $25.3 billion), he added.

On October 16, the parliament approved general outlines for the current year's budget bill amendment.

The Majlis approved the current year's 7.270 quadrillion rails, about $295 billion based on the official USD rate where a dollar equals 24,900 rials, budget bill.

According to the experts, some income figures including predicted tax, customs and oil export revenues in the budget will not be realized.

In mid-August, ISNA quoted First Vice President Eshaq Jahangiri as saying that Iran's current year budget will be revised because one third of government income recognized in the budget would not be realised.

In July, Nobakht said that the current year's budget is too optimistic so the next administration should revise it.

Conservative MP Ahmad Tavakoli had said that the current year's budget is not realistic and may result in even higher inflation.

Predicted incomes of Iran's current year's budget were realised at 52.8 per cent during the last Iranian calendar month (July 23- August 22), Iranian president Hassan Rouhani said.

Rouhani recalled the country is facing a massive budget deficit, adding the current year's budget proposed by the previous administration, is unrealistic.