Iran to Exclude Oil Revenues from Its Income Basket

Iran to Exclude Oil Revenues from Its Income Basket

Iran says the country’s top priority is to put aside the oil and just depend on non-oil revenues to handle the country’s economic issues.

Head of Iran’s Plan and Budget Organization said currently just 10% of the budget depends on oil, but it has to become zero in order to counter the plots by the enemies.

Mohammad Baqer Nobakht further added that in a situation where the Islamic Republic is facing sanctions and repercussions of the coronavirus, there is no demand for Iran’s oil in the world.

Speaking at a parliament meeting on Tuesday, he underlined that oil and gas exports and revenues have decreased from $119 billion in 2011 to $8.9 billion.

“If we take oil out of the economy, we will definitely have 0.8 percent economic growth. At the moment, we have a long way to go to achieve such a goal due to sanctions,” highlighted Nobakht.

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