Iran’s budget deficit for next year (March 21, 2020-March 21, 2021) is expected to be about 550 trillion rials (about $13 billion), said Director of Supreme Audit Court of Iran Adel Azar.
Azar noted that this figure will be obtained if a 15 percent increase in expenditure calculated by the Iranian government is added to the budget project and the rest is calculated based on the budget function of the current year.
Azar added that the Iranian government has made a correct forecast regarding oil prices in the budget. However, some issues need to be studied in connection with the allocation of money to various projects from Iran’s National Development Fund (a part of Iran’s oil revenues is directed to this fund), the director said.
The draft budget for the next Iranian year worth 4.84 quadrillion rials (about $115 billion) was submitted by Iranian President Hassan Rouhani to the parliament on Dec. 8. After consideration, the budget for the next year will be approved by the Iranian parliament.
Revenues worth a total $22.2 billion from oil and gas exports are envisaged in Iran’s next year budget. Some $18.2 billion is expected to be obtained from oil exports and $4 billion from gas exports.