Starting March 20, about US$6 billion will be allocated for construction and infrastructure projects, the head of Iran’s Planning and Budget Organisation (PBO) Davoud Manzour said. The government has managed to fulfil almost all the targets set in the current year’s national budget bill.

In late December 2023, the Iranian parliament approved the general provisions of the national budget bill for the next 1403 Iranian calendar year. The proposed budget is about US$1,2 trillion, which is 18 per cent higher than the current year’s budget.

Oil sales are projected and sales are estimated at 1.35 million barrels per day at an average price of US$70. Like the current year’s budget, the proposed budget for next year requires the government to pay 40 per cent of oil, gas and gas condensate revenues to the National Development Fund (NDF).

The figures presented in next year’s budget bill indicate that the government is taking major steps to distance the economy from oil, as most of the revenue will come from other sources.

source: Tehran Times & TV BRICS