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No budget deficit next year, says Iran

No budget deficit next year, says Iran

Date: 5 January 2016 17:37

Tehran, Iran, Jan. 5

By Mehdi Sepahvand, Fatih Karimov – Trend:

Iranian government will hand the next fiscal year’s national budget bill to parliament the next week, according to Mohammad Baqer Nobakht, the government spokesman and the head of Iran’s Management and Planning Organization.

The budget bill for the next fiscal year, which starts March 2016 and ends March 2017, will be submitted to the parliament by Jan. 10 or Jan. 12, said Nobakht at a press conference in Tehran Jan. 5, Trend's correspondent reported from the event venue.

He further said there will be no budget deficit and there will be no need to borrow any credit, because the Management and Planning Organization is adjusting the government’s next-year expenditure according to revenues.

Nobakht added that the dependence of Iran's national budget on the National Development Fund is below 25 percent.

He further denied reports that the country's tax revenues exceeded the oil revenues last year, adding this is expected to come true this year (starts March 2015 and ends March 2016) as oil revenues are estimated to hit 530 trillion rials (each US dollar makes 30,149 rials) and tax revenues stand at 640 trillion rials.

Nobakht added that tax revenues for the next Iranian fiscal year are estimated to reach 840 trillion rials.

The official earlier said that oil revenues are forecasted to share 660 trillion rials (about $22 billion) from 2.67 quadrillion rials ($89 billion) of total income in the budget bill for March 2016-March 2017.

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