Iran can pay regular salaries, subsidies despite sanctions and COVID-19

Iran can pay regular salaries, subsidies despite sanctions and COVID-19

TEHRAN, Iran, May 20

Trend:

It is possible to pay salaries and subsidies as well as complete semi-finished development projects despite budget deficit, the head of Iran Planning and Budget Organization (PBO) said.

"The sanctions and the global recession caused by coronavirus outbreak have severely affected the revenue sources of the budget,” Mohammad Baqer Nobakht wrote in a post published on his Instagram page, Trend reports.

He added that appropriate planning has been done and the focus has been on reducing consumption and relying on saving.

Oil revenue makes up about 10 percent of Iran’s budget. The budget for this fiscal year was set based on selling a million barrels of oil a day at about $50 per barrel.

The combination of sanctions, shrinking demand for oil due to coronavirus outbreak and falling prices has upended Iran’s budget planning.

Subscribe to Trend in Google News! Subscribe
Turkey expresses interest in expanding activities of Turkish companies in Kyrgyzstan
Turkey expresses interest in expanding activities of Turkish companies in Kyrgyzstan
President Sadyr Zhaparov signs decree on resignation of Cabinet
President Sadyr Zhaparov signs decree on resignation of Cabinet
Indian external affairs minister to visit Kyrgyzstan
Indian external affairs minister to visit Kyrgyzstan
Loading Bars
Latest
Mexico to begin packaging Sputnik V vaccine in second half of November
Oil prices fall as weaker China growth, U.S. output stoke demand concerns
Turkmenistan’s enterprise launches filament lamps production
Germany might offer its experience in restoration of Azerbaijan’s Karabakh
Toshkent Metro to be under jurisdiction of Transport Ministry of Uzbekistan following presidential decree
Top U.S. envoy to Afghanistan stepping down
Georgia reveals TOP-10 of largest energy consumers in country
Over 70% of Iranians already received first dose of COVID-19 vaccine - Iranian President
Iran's ministry shares financial data on backing its industrial, mining enterprises (Exclusive)
COVID-19: Kazakhstan adds over 1,300 fresh cases in 24h
N.Korea fires ballistic missile as military activity surges
Algeria lifts lockdown nationwide amid drop in COVID-19 cases
Road crash kills 11 in Ecuador
Turkey summons envoys of 10 countries over Kavala statement
Gunmen kill at least 43 in northern Nigeria - state governor
Apple introduces M1 Pro, M1 Max chips
Number of COVID-2019 cases across globe exceeds 240 mln
Morocco police seize over one tonne of cocaine in Tangier port
Latvia announces four weeks of lockdown as COVID-19 cases spike
Chronicles of Victory: President Ilham Aliyev interviewed by Russian TASS news agency on October 19, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 19, 2020
Occupation Museum, Memorial Complex and adjacent Victory Park will be built in Fuzuli
Israel congratulates Azerbaijan on Independence Restoration Day
Turkish President congratulates Azerbaijan on Independence Restoration Day
Tigray forces say air strikes hit Ethiopia's Mekelle, government denies
Czech president too ill to work, politicians discuss relieving him of duties
PMs discuss Belarus-Kazakhstan economic cooperation
Pentagon chief says US values Georgia as strategic partner
Azerbaijan's flag illuminated on TV tower in Georgia due to anniversary of restoration of Azerbaijan's independence (PHOTO)
Iran unveils details of its trade turnover with Oman
Bahar Azadi gold coin price continues to fall in Iran
Iran’s Lavan Oil Refining Company reveals products on sale at IRENEX
Post Bank of Iran sees increase in revenues
Price of Turkmen gas supplied to China grows - Wood Mackenzie
Turkey's Presidential Administration congratulates Azerbaijan on Independence Restoration Day
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,245 more COVID-19 cases, 409 recoveries
Georgia and US sign Memorandum of Understanding
Uzbekistan Railways expanding transport, logistics co-op with sea and dry ports
Azerbaijan to hold new auction for state property facilities
Saudi fast-food franchise operator Alamar Foods considers IPO
French ambassador makes statement on occasion of Azerbaijan's Independence Restoration Day
German companies interested in expanding economic co-op with Azerbaijan
EU has exported over 1 bln COVID-19 vaccines
U.S. manufacturing output declines in September
Azerbaijan issues startup certificates to more SMEs
Uzbekistan’s private airline launches flights from Tashkent to Moscow
Iran eyes resuming import of Turkmen gas
Azerbaijan's Khudafarin bridge in Jabrayil district - finally liberated (PHOTO)
Azerbaijan’s renewable energy potential exceeds installed capacity fourfold
Kazakhstan to extend food import substitution measures amid COVID-19
Ukraine has every capability to restore infrastructure of Azerbaijan’s liberated territories – MP
Playtech acquired for $3.7b
Total value of Azerbaijan's oil export abroad up in 9M2021
Georgia to further develop relationship with Azerbaijan - Georgian MFA
EU Special Representative for South Caucasus to visit Azerbaijan
Iran records decrease in production of raw steel, steel products
Weekly review of Azerbaijani precious metals market
Turkish MoD congratulates Azerbaijan with its Independence Restoration Day
Ukrainian companies may partake in construction, restoration of Azerbaijan’s Aghdam – MP
Azerbaijan's announces drastic increase in car imports for 9M2021
Pan-European Executive MBA designed specifically to integrate holistic approach to business (VIDEO)
NATO ready to support ensuring peace in South Cacasus region - special rep
Non-OPEC oil output to more than half from 2020 levels
Weekly review of Azerbaijani currency market
Iran reveals COVID-19 data for October 18
Israel and Azerbaijan are great allies and partners, who have common interest in region – former Israeli MP
European renewables generation to exceed 6,000 TWh
Over 60% of total investment to be spent on developing new oil & gas fields
Iran’s NICICO boosts extraction and production
Azerbaijan Automobile Federation organizes 'Time Attack' race (PHOTO)
Azerbaijan's foreign trade turnover increases in 9M2021
Year passes since Azerbaijan's liberation of Khudaferin bridge from Armenian occupation (PHOTO/VIDEO)
EU gas production falls by 8%
Share of renewables in EU power generation mix decreased
North Carolina declares Oct. 18 as Day of Restoration of State Independence of Azerbaijan
MUSIAD aims to raise trade turnover between Azerbaijan and Turkey (VIDEO)
EU gas consumption reaches highest level in last seven years
EIB, EU Commission ink deal on financing for alternative fuels infrastructure projects
Armenia’s failure to provide minefield maps to Azerbaijan impedes restoration work in liberated territories - FM
Azerbaijan sees no effective steps from Armenia in opening transport links - minister
Azerbaijan recommends revanchist forces not to go down wrong path - PM
TAP updates on progress in market test
Azerbaijan stands for normalizing relations with Armenia in post-conflict period based on int'l law - FM
Turkey reveals cargo traffic with Netherlands for 8M2021
Master plans for Zangilan, Gubadli, Kalbajar and Lachin being prepared, will be done without taking any loans - Azerbaijani president
Khudaferin Bridge is proof of talent of Azerbaijani people - President Ilham Aliyev (VIDEO)
Physical gas flows, nominations at TAP’s interconnections
Great leader Heydar Aliyev returned to power at request of the people, then threat of losing independence again was prevented - president
Azerbaijan boosts gas exports
People of Azerbaijan tirelessly walked towards this victory - President Aliyev
Turkish FM tweets on marking Day of Restoration of Azerbaijan's Independence
Iranian currency rates for October 18
Kazakhstan sees rise in gold jewelry price
IRICA shares data on Iran’s export to neighboring countries
Azerbaijan gives update on mine clearance work on its liberated lands
Azerbaijan calls for urgent interim measures against Armenia
Bank of Georgia allocates funds to back project at local construction company
In villages of Fuzuli, each house will have at least 12 acres of land - president
Azerbaijani First VP Mehriban Aliyeva shares post related to October 18 - Independence Restoration Day on Instagram (PHOTO)
All news