66732
NDFI Reserves Hit $91b
Economy, Domestic Economy

NDFI Reserves Hit $91b

The National Development Fund of Iran has $91 billion in reserves, Mohammad Hosseini, who also represents the parliament on the NDFI governing board, said. The NDFI is Iran’s sovereign wealth fund. According to Hosseini, oil and agriculture sectors are major beneficiaries of the fund, which serves to finance infrastructure projects using oil revenue deposits, ISNA reported. As per the budget bill for the current Iranian year (March 2017-18), the government is tasked with depositing 30% of revenues earned from oil and gas exports to NDFI, up from 20% as per the budget law of the fiscal 2016-17 year. The parliament has also allowed the government to withdraw $2.3 billion from NDFI this year, more than 50% of which are to go to the defense sector. The approved withdrawals are far from what the government needs to cover the deficit that has forced it to drastically cut spending in both state bodies and infrastructure projects suffering from underinvestment and underdevelopment in the past few years.

 

Short URL : https://goo.gl/mbfvXz
  1. https://goo.gl/HpLxAD
  • https://goo.gl/eFb4Gg
  • https://goo.gl/9jZXqb
  • https://goo.gl/Q9wEZv
  • https://goo.gl/AuVLV7

You can also read ...

With the US Out, How Can Iran Benefit From JCPOA?
In Iran, the only surprise regarding US President Donald Trump...
US’ Iran Policy Headed for Train Wreck With Afghan Policy
US President Donald Trump’s decision to pull out of the Iran...
BMI Outlines Forex Measures
Director of Bank Melli of Iran’s Foreign Exchange Department...
Apple Pays Ireland 1st Tranche of Disputed Taxes
Apple has paid €1.5 billion ($1.76 billion) into an escrow...
5-6% Flexibility in USD Rate Until March
Governor of the Central Bank of Iran said the exchange rates...
Mineral Projects Worth $3.6b in the Pipeline
More than $3.6 billion worth of mineral projects are to be...
ICCIMA Delegation  to Visit S. Africa  on July15
Iran Chamber of Commerce, Industries, Mining and Agriculture...
Flood, Hailstorm Inflict $4m in Losses on North Khorasan
Flood and hailstorm in recent days have inflicted 173 billion...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus