Iranian MP: Budget needs to be limited

Finance Materials 7 November 2019 13:57 (UTC +04:00)

BAKU, Azerbaijan, Nov. 7

By Elnur Baghishov - Trend:

If there are no oil revenues, there is no other way than to limit Iran’s budget, Member of Iranian Parliament’s energy committee Jalal Mirzaei said, Trend reports citing IRNA.

Mirzaei noted that the US sanctions against Iran have led to a dramatic drop in Iran’s oil revenues.

The MP added that these conditions should be turned into an opportunity to achieve the desired situation in the non-oil economy.

Mirzaei said that it was decided to cut oil revenues from the budget for next year (March 21, 2020 - March 21, 2021).

“Reducing unnecessary costs, continuing the privatization process, increasing tax revenues and preventing tax evasion can compensate for the oil revenues in the budget,” the MP noted.

However, it is proposed that the budget for next year envisage daily oil exports of 400,000 barrels at a price of $45-$50, Mirzaei said.