EconomyIran

Iran dependency on oil to all-time lows in new draft budget

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Iran’s vice-president for scientific and technological affairs Sorena Sattari says Iran expects to slash its dependency on oil revenues to all-time lows.

According to Press TV, Sattari on Monday announced that oil dependency in the new draft budget proposed for the next Iranian calendar year (which starts on March 21) would be around 30 percent.
The figure represents the lowest ever dependency of Iran’s budget on oil revenues.
Sattari said that development could create a “golden opportunity” for Iran to move from the current oil-based economy to a science-based one.
Iran is faced with an unprecedented downfall in the prices of oil at the international markets which, accompanied by West’s sanctions on Iran’s oil exports, could further shrink the country’s actual earnings.
Iran’s annual budget in 2013 also saw a 40-percent decrease in the projected oil incomes, a move described by the administration as making the budget extremely contradictory to respond to Western sanctions.

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