Oil fluctuations no harm for next year budget

rouhani in majlis 4 budgetTEHRAN Feb10(Shana)–Next year’s budget bill has been arranged in a way that oil price fluctuations will not be able to destabilize revenues, deputy chairman of integrated commission of Parliament Ahmadreza Dastgheib said.
In an interview with IRIB’s channel 2, Dastgheib said integrated commission, during his review of next year budget, has tried not to define new expenditures for the government.

“With regard to uncertainty about realization of oil revenues and special economic circumstances of the country, we have considered two ceiling for budget revenues in next year’s public budget which relief our worries about not realization of anticipated revenues”, he said.

Elsewhere in his remarks he said next year budget is less dependent on oil revenues in comparison with last year budget.

While this year’s budget was dependent on oil revenues by 39.3 percent, next year budget relies on oil revenues by 36.3 percent, equivalent to 530 trillion IR rials which is less than 710 trillion rials had been proposed in next year’s budget draft, according to the legislator.

He said based on our calculations, even if oil prices edges down to 40 dollars per barrel, it will not negatively impact on earnings of next year’s budget.

Iran’s parliament will start debates on budget bill next week during its public sessions.

According to Dastgheib, budget bill has authorized Petroleum Ministry to offer bonds worth 5 trillion rials for development of shared oil fields next year because falling oil prices have reduced the share of oil industry from budget revenues.