February 17, 2019 14:23
News ID: 4343

(Persia Digest) – Due to unsuitable economic conditions, the Supreme Leader has ordered the share of the National Development Fund from oil revenues to be reduced to 20 percent for the next fiscal year.

Persia Digest (PD) reports that the National Development Fund is a state-owned entity which acts as a currency reserve fund. According to legislation, the government must increase its share of oil, gas, condensate, and byproduct revenues by 3 percent every year. It can only withdraw from this account if foreign exchange earnings from crude oil exports decline as compared to forecasts.

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The fund share should have increased to 34 percent next year. But the Parliament Speaker announced today that the Supreme Leader has ordered that this should be reduced to 20 percent in the current economic conditions.

At today’s plenary meeting in Parliament, this reduction in share to 20 percent in next year’s budget was objected to by an MP, to which Speaker Ali Larijani answered: “The Supreme Leader has given written orders that the National Development Fund share should be set at 20 percent under the circumstances.”

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Today, Iranian MPs also set Iran’s oil revenues at around 142 trillion tomans. Based on budget forecasts for the price of oil, this figure means the export of 1MM and 500 thousand bpd.

Click here for more economic news.

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