TEHRAN, Iran, Dec.13
Trend:
At this point, Iran's 2020 budget plan is vulnerable to recession and has an inflationary effect, member of Iranian Parliament Ali Saadvandi said, Trend reports citing Tasnim News Agency.
“According to the budget bill, we are not going to reduce the role of oil revenues in the budget, but rather sanctions and restrictions on access to oil revenues have forced us to reduce the role of oil revenues in the budget," he explained.
Saadvandi added that the budget bill for next year is forecast at one million barrels of oil exports per day, which may again lead to deficit.
The United States reimposed sanctions with the aim of driving down Iranian crude sales, the Islamic Republic’s main source of revenues, after Washington withdrew last year from a nuclear pact between world powers and Iran.
The International Monetary Fund has said Iran would need an oil price of $194.6 a barrel to balance its budget in 2020/2021 and forecast a fiscal deficit of 4.5 percent of gross domestic product in 2019/2020 and 5.1 percent in 2020/2021.