Govt.’s 4 strategies to compensate for budget deficit approved

July 28, 2019 - 0:46

TEHRAN- Iranian government’s four suggested strategies to compensate for budget deficit were approved during a session of Supreme Council of Economic Coordination presided by President Hassan Rouhani on Saturday, Fars news agency reported.

Transferring government’s assets, using forex reserves, selling Islamic bonds, and withdrawing 450 trillion rials (about $10.714 billion) from National Development Fund (NDF) were the four mentioned strategies approved in that session.

During the previous session of the council on July 13, the amendments on the national Iranian budget plan for the current Iranian calendar year (started on March 21) had been approved.

The generalities of a modified budget plan which has been restructured in line with the country’s “resilient economy”, were approved.

The modifications consist of four major parts, which are “sustainable revenue resources”, “effective expenditure”, “promoting stability, development and justice” as well as “fundamental modifications of budgetary system”. 

They are aimed at reducing the country’s dependence on oil money and promoting economic stability under the umbrella term “resistance economy”, ordered by Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei. 

It was decided in that session that the council would study the priorities in the amendment plan in its next gathering. 

MA/MA

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