Iran reduces budget dependency on oil revenues to almost Zero: official

TEHRAN, Jul. 26 (MNA) – The reviewed version of this year's budget bill forecasts the oil sales to be 300,000 bpd, according to an Iranian official.

According to the official website of Iran's Management and Planning Organization (MPO), the MPO Deputy head Hamid Pour-Mohammadi said that the reviewed budget for this Iranian year of 1398 (started on March 21, 2019) expects a much lower oil sales compared to earlier expectations.

Pour Mohammadi said that 1398 overall budget ceiling totals $ 37 billion, while it expects exports of 300,000 barrels of crude oil per day (bpd), indicating a sharp decline compared to earlier expectations which was something between 1 to 1.5 barrels a day.

The MPO deputy head added that he US unjust sanctions have brought about the changes to the budget bill, stressing that the government has been able to repel the negative impacts of the sanctions by reducing the public spending while increasing its revenues.

He further noted that with the recent amendments to the structure of the overall budget, dependency on oil revenues has reduced to almost zero.

KI/4676577

News Code 148090

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