Sunday, October 2, 2022

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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