BAKU, Azerbaijan, October 8. Iran's state budget has a deficit for six months of the current Iranian year (from March 20 through September 21, 2024), Minister of Economy and Finance of Iran Abdolnaser Hemmati said in the Iranian parliament on October 8, Trend reports.
He states that the targeted payment of subsidies to citizens has consumed some of the budgeted funds. This has led to a budget deficit.
Hemmati stated that they have utilized funds from Iran's National Development Fund to eliminate the budget deficit. Therefore, the state budget's 18th item now includes spending.
“The current Iranian government is struggling to ensure a unified state budget next year (from March 21, 2025, through March 20, 2026). The state budget will identify all expenditures, making any changes impossible.
The Iranian government, along with the banks' reserves, intends to spend 510 trillion rials (about $1.16 billion) to create jobs and increase production in regions with high unemployment,” he noted.
Meanwhile, Iran's state budget in the current Iranian year (from March 20, 2024 through March 20, 2025) is about 64.6 quadrillion rials (about $157 billion).
However, Iran's state budget Article 18 lays the groundwork for ramping up production and dishing out loans to give job creation a leg up.
To note, Iran's state budget deficit for the first five months of the current Iranian year (from March 20 through August 21, 2024) stood at 45 trillion rials (about $109 million).