Gov’t safeguards economy against oil price fall

TEHRAN Dec 28 (Shana)–Iran’s first vice-president said the government has adopted measures to cushion the economy against impacts of oil price fluctuations.
Es’haq Jahangiri said the oil price fall would become “troublesome” should the government fail to manage the challenge.

He said the government is focusing on non-oil exports in an attempt to drive the economy out of stagnation and minimize the impacts of oil prices.

Jahangiri said previous governments failed to manage oil price windfalls, adding that Iran earned some $850 billion in revenues from oil sales in the 2000s.

He said that the government recently cut the share of National Development Fund of Iran (NDFI) from oil sales to 20% as part of its efforts to protect the economy.

By SHANA

 

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