BAKU, Azerbaijan, Dec. 16
By Elnur Baghishov - Trend:
In accordance with Iranian draft budget for next year (March 21, 2020 - March 21, 2021), there may be a budget deficit of approximately 2 quadrillion rials (about $47.6 billion), said Gholamhossein Shafei, president of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), Trend reportsreferring to IRNA.
Shafei noted that this is estimated without taking into account the securities offered for sale.
Dependence on oil revenues is one of the problems in the budget project, the ICCIMA president said.
Shafei added that oil exports are projected at about 300,000 barrels daily due to decrease in oil sales for the past Iranian year from March 21, 2018, through March 21, 2019). However, sales of 1 million barrels of oil daily are envisaged in the budget, the ICCIMA president noted.
Shafei said that with the sale of 300,000 barrels of oil, the total revenue will be $5.8 billion, noting that revenues from 20 percent of oil sales will be allocated for Iran’s National Development Fund.
“Funds worth $10.5 billion are envisaged for the import of essential goods in the next year’s budget at the official exchange rate (1$=42,000 rials) and this won’t be enough,” Shafei noted.
The ICCIMA president said that the allocation of funds at such an exchange rate will create a budget deficit of 580 trillion rials (about $13.8 billion).
The draft budget for the next Iranian year worth 4.84 quadrillion rials (about $115 billion) was submitted by Iranian President Hassan Rouhani to the parliament on Dec. 8. After consideration, the budget for the next year will be approved by the Iranian parliament.