‘Near $13b paid for development projects in a year’

May 22, 2019

TEHRAN - Head of Iran Planning and Budget Organization (PBO) Mohammad Baqer Nobakht said the government paid 543.99 trillion rials (about $12.952 billion) for the country’s development projects in the past Iranian calendar year (ended on March 20, 2019).

The official said, “Of the mentioned amount, approximately 216.73 trillion rials (about $5.16 billion) were paid in cash and the rest was provided through treasury documents”, Tasnim news agency reported on Wednesday.

The share of development in last year’s budget bill was 600 trillion rials (about $14.2 billion).

The country's devlopment budget has increased by 20 trillion rials (about $476 million) in the current Iranian calendar year.

President Hassan Rouhani presented the administration’s draft of the national budget bill for the current Iranian calendar year 1398, to the Majlis in December 2018.

The proposed bill amounted to 17.03 quadrillion rials (about $405 billion at the official rate of 42,000 rials).

Supplying basic goods, treatment and medical equipment; securing livelihood; supporting production and employment; promoting tourism; and preserving water resources and environment are the focal points of the bill.

As unveiled on December 7 by Budget and Planning Organization, the proposed budget bill forecasts 1.5 million barrels of oil sales per day at the price of $54 per barrel.

The bill attached priority to three sectors for receiving facilities in foreign currency; including investment making by private sector and cooperatives in oil and gas development projects, industry and mining projects in deprived regions, and sugar beet processing and supplementary industries.    

EF/MA

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