The government met 98.6% of the fiscal 2020-21 budget outlay, despite the significant shocks of US “maximum pressure” campaign and the coronavirus pandemic, says Hamid Pourmohammadi, the deputy head of Plan and Budget Organization of Iran.
Referring to the decline in oil exports, he said, “Iran used to export 2.68 million barrels of crude per day as of May 2019, but oil exports and the country’s petroleum tankers were sanctioned.”
Pourmohammadi blamed the hike in foreign exchange rate to 300,000 rials per US dollar on the spread of Covid-19 in February 2020.
Iran is starting to build its offshore oil storage as chances of a new nuclear deal grow higher, which will enable it to reclaim its lost oil market share, trading and shipping sources said on May 24, S&P Global Platts reported.
May 25, 2021 19:29
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PBO: Gov’t Met 98.6 Percent of Fiscal 2020-21 Budget Outlay
Despite all the hardships of last year, spending totaled 5,630 trillion rials ($24.58 billion) while the budget law had projected 5,710 trillion rials ($24.93 billion) in expenditure, which means 98.6% of it was materialized
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