U.S. Fed warns of "severe damage" over debt default

TEHRAN - The chairman of the U.S. Federal Reserve called on lawmakers to raise the nation's borrowing limit urgently on Wednesday, warning that failure to pay government debts would do "severe damage" to the economy.

‘Managing budget deficit a priority of Economy Ministry next year’

TEHRAN – Iranian Finance and Economic Affairs Minister Ehsan Khandouzi has said controlling budget deficit will be the main priority of his ministry in the next Iranian calendar year (begins in March 2022), IRIB reported.

Iran could face a $71b budget deficit in current fiscal year: MP

TEHRAN – Head of the Iranian Parliament’s Economic Committee has said the country could face up to three quadrillion rials (about $71.4 billion) of budget deficit in the current Iranian calendar year (ends on March 21, 2022), Mehr News Agency reported on Sunday.

Budget review committee OKs €2.795b withdrawal from NDF

TEHRAN - Iranian parliament’s ad hoc budget review committee has passed a bill to allow withdrawing €2.795 billion from the National Development Fund (NDF) for compensating the next calendar year’s budget deficits.

Iran budget deficit expected to top $13b next year

TEHRAN - Director of the Supreme Audit Court of Iran (SAC) said the country’s budget deficit for the next Iranian calendar year (March 2020-March 2021) is expected to reach about 550 trillion rials (over $13 billion).

‘Govt. could offset budget deficit by selling assets, stocks’

TEHRAN – Deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) says the government can compensate the probable deficits in the next year’s development budget by selling its stocks and assets.

No budget deficit in current year: PBO head

TEHRAN – Head of Iran’s Planning and Budget Organization (PBO) said despite the decrease in the country’s oil revenues the country won’t face any budget deficit in the current calendar year (ends on March 19, 2020).

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

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.

By Haniyeh Sadat Jafariyeh

1398 budget bill, (non)-oil revenues?

The budget bill for the next Iranian calendar year 1398 (starting on March 21, 2019) was presented to the parliament on December 6 while Iran’s economy, previously expected to boom, is experiencing the toughest conditions under the draconian U.S. sanctions. The upcoming year is supposedly an economic predicament for Iranians to endure and for the government to program and handle.