BAKU, Azerbaijan, Feb.22
Trend:
Iranian MP's have obligated the government to pay its debt of $21.4 billion to legal and real entities and related commitments in construction and defense projects from its crude oil and gas condensate export revenues.
The parliament's Budget Integration Commission has announced the decision during its open session for review of the general budget for the new Iranian year (starts March 21, 2021), Trend reports citing IRNA.
According to four articles in Budget Integration Commission's report, the government is obligated to pay up to $21.4 billion from its net debt to individuals, legal entities, cooperatives, and private companies via the National Iranian Oil Company and from export revenues.
The government would also have to comply with its commitments in construction and defense projects by paying to the treasury from crude oil and gas condensate revenues based on the daily export price of the NIOC.
The executive regulations were suggested by the Plan and Budget Organization with the cooperation of Ministries of Defense, Oil Ministry, Economic Affairs and Finances, Industries Mine and Trade that would be approved by the cabinet.
The Ministry of Defense would be allowed to use $7 billion from crude oil and gas condensate sales.