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Iran's budget reliance on oil sale declines

Business Materials 28 October 2020 17:10 (UTC +04:00)
Iran's budget reliance on oil sale declines

TEHRAN, Iran, Oct.28

Trend:

Iran's budget reliance on oil has reduced to 10 percent, the problem is the transition from an oil-based economy to the non-oil economy which is difficult during sanction and Coronavirus spread, said Iranian President.

"The foreign currency reserves in the Central Bank of Iran would mostly rely on gas condensate, petrochemical, and steel export," said Hassan Rouhani, Trend reported citing IRNA.

Rouhani also noted that the government has planned to provide $8 billion for importing necessary goods by the end of the current Iranian year (started March 20, 2020) and so far more than $6.2 billion goods were imported and the rest would arrive in the coming weeks.

"It is expected that $11.9 billion would be invested in the inauguration of water and power projects by the end of the current Iranian year (started March 20, 2020). A total of 117 projects in the water and power sector were inaugurated so far from the start of the current Iranian year (started March 20, 2020) with $31 billion," he added.

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