‘Cutting budget dependency on oil revenues, top economic priority’

June 7, 2019

TEHRAN- Iranian Minister of Finance and Economic Affairs Farhad Dejpasand said that reducing the current year’s budget dependency on oil exports is the most important economic objective in the country, Mehr news agency reported.

The minister made the remarks in his visit to Amirabad Port in north of the country on Thursday and said, “Ports can play a leading role in this regard due to their maritime and logistic capabilities.”

In late December, President Hassan Rouhani presented the administration’s draft of the national budget bill for the current Iranian calendar year 1398, which started on March 21, to the Majlis.

The proposed bill amounts 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.

It estimates the oil income at 1.425 quadrillion rials (about $34 billion) with 410 trillion rials (about $9.7 billion) rise year on year.

The Iranian government earns budget from various sources including the revenues and offering capital assets and divesting financial assets to the private sector.

President Rouhani’s economic strategy is to significantly reduce the government’s dependency on oil and instead collect tax more systematically.

MA/MA

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