The government was allowed to tap into revenues gained from the export of crude oil, gas condensates and natural gas to allocate cheap foreign currency at the rate of 42,000 rials per US dollar to import essential goods as per the budget laws of the fiscal years ending March 2020 and 2021.
However, it will only be allowed to use resources generated from crude oil exports to subsidize these imports in the next fiscal year (March 2021-22).
The Plan and Budget Organization of Iran submitted the draft of next year’s budget bill to the government last week and the Cabinet has started its review.
Earlier, President Hassan Rouhani had underlined the highlights of the new budget bill’s structural reforms.
November 25, 2020 19:13
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Sources of Financing Essential Imports Narrow in New Budget
The government initiated the policy of subsidized imports and intends to pursue it next year as evidenced from the draft budget bill, but what will be different is that the resources to finance the plan would be narrowed down to oil export revenues
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