Iran's budget less dependent on oil sale revenues

Oil&Gas Materials 24 December 2019 17:48 (UTC +04:00)
Iran's budget less dependent on oil sale revenues

TEHRAN, Iran, Dec.24


The budget for the next Iranian year (starts March 21, 2020) will be less dependent on oil sales revenues, said Head of Plan and Budget Organization (PBO) Mohammad Bagher Nobakht, Trend reports citing ILNA.

"Next year, 480,000 billion rials (about $11 billion) will be obtained from oil revenues, while the figure in current Iranian year [started March 21, 2019] was 1,530,000 billion rial (about $36 billion)," said Nobakht.

"All oil sale revenues as well as $4.4 billion to be received from gas sale will be used for implementation of development projects. In addition, 300,000 billion rials (about $7.1 billion) are to be allocated for these projects," the head of PBO said.

"Thus, the budget plan submitted on Dec. 24 to the parliament will be mainly focused on development. It also aims to improve people's purchase power," Nobakht added.

"Moreover, the government employees will have 15-percent pay raise, in their salaries while the predicted pension for retired employees will be 60,000 billion rials (about $1.4 billion) will be allocated for payment of pensions. In total, 310,000 billion rials (about $7.3 billion) will be paid as livelihood support plans alongside 430,000 billion rials (around $10 billion) to paid as cash subsidies,” he said.

"It is also expected to create one million new job places next year," Nobakht said.