Iran sticking to plans to free budget from oil revenues: Minister

TEHRAN (Tasnim) – Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia reiterated the need to minimize the share of petrodollars in the country’s budget, referring to oil revenues as an unstable source of income.

Inclusion of unstable oil revenues in the national budget creates multiple problems, the minister said at an economic conference held in Tehran on Tuesday to study the formulation process of the country’s 6th quinquennial development plan.

He underlined that petrodollars should be used as assets to provoke economic growth.

Tayyebnia made it clear that the administration still pursues the main policy of reducing dependence on oil incomes, despite the fact that the country’s oil revenues are going to rise in the next Iranian year.

According to the guidelines set by Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei, the oil sources should be used for the strengthening of the private sectors via the development fund.

Tayyebnia further highlighted the administration’s success to preserve the positive economic growth in spite of financial woes.

On Saturday, the minister announced that the administration has set a 5 percent target for annual economic growth in the next Iranian year, due to begin on March 20.

The purpose is to fix the inflation rate at 11.3% during the next Iranian year, Tayyebnia added.

By Tasnim News Agency