Economist Criticizes NDFI Fund Diversion

Governments’ appropriation of the foreign exchange resources of the National Development Fund of Iran, the country’s sovereign wealth fund, has been rising constantly over the past few years, such that the fund now accounts for a significant part of the budget, Mehdi Pazouki, an economic expert, said in a write-up for the Persian daily Jahan-e Sanat. A translation of the text follows: 
Excessive withdrawals from NDFI come as, according to the law, its resources must be saved for future generations and spent on development and investment in the non-governmental sector. 
Prior to the establishment of NDFI and emergence of subsequent challenges (for example, the fund’s misuse for addressing budget deficits), earnings from oil sales were saved in a foreign exchange reserve account.