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Iran would withdraw from the sovereign wealth fund to offset the decline in oil revenues
Iranian Oil Minister Bijan Zanganeh
BAGHDAD / obelisk: Transfer site and the Iranian Oil Ministry website (Shana) Iranian Oil Minister Bijan Zanganeh as saying that Iran would resort to sovereign wealth fund to offset the impact of lower oil prices on the global economy. Shana reported on Saturday that Zanganeh said, "to draw from the National Development Fund to repay contractors working Sttlavy Iran's oil revenues, the impact of erosion on these projects. He says Sovereign Wealth Fund Institute, which tracks such funds that the size of the national development fund of $ 62 billion. It may be part of the Fund's assets frozen under international sanctions imposed on Tehran over its controversial nuclear program. Iran hopes to raise oil and gas production in the state by the lifting of sanctions through the nuclear talks with world powers this month. But they need to invest huge sums in the old production facilities and infrastructure in order to increase production while the fall in oil prices reduced the revenue available for this purpose. The International Monetary Fund estimated that achieving balance in Iran's budget requires that the price of a barrel of oil and $ 130 less than the price of Brent crude oil is currently about $ 80. In the past month, the fund predicted that Iran wished public deficit of $ 8.6 billion this year, according to the official exchange rate. Zanganeh added that Iran will raise the income tax to offset the effect of lower oil prices, but the agency did not disclose details. But the economy is recovering slowly from the deep recession caused by the sanctions, so may be difficult to impose a large tax increase. The minister continued that Iran would adopt "austere monetary policy" in the next year. Zanganeh did not mention the details but it seems from his comments that the central bank will not resort to facilitate to curb the impact of the decline in oil revenues
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Iranian Oil Minister Bijan Zanganeh
BAGHDAD / obelisk: Transfer site and the Iranian Oil Ministry website (Shana) Iranian Oil Minister Bijan Zanganeh as saying that Iran would resort to sovereign wealth fund to offset the impact of lower oil prices on the global economy. Shana reported on Saturday that Zanganeh said, "to draw from the National Development Fund to repay contractors working Sttlavy Iran's oil revenues, the impact of erosion on these projects. He says Sovereign Wealth Fund Institute, which tracks such funds that the size of the national development fund of $ 62 billion. It may be part of the Fund's assets frozen under international sanctions imposed on Tehran over its controversial nuclear program. Iran hopes to raise oil and gas production in the state by the lifting of sanctions through the nuclear talks with world powers this month. But they need to invest huge sums in the old production facilities and infrastructure in order to increase production while the fall in oil prices reduced the revenue available for this purpose. The International Monetary Fund estimated that achieving balance in Iran's budget requires that the price of a barrel of oil and $ 130 less than the price of Brent crude oil is currently about $ 80. In the past month, the fund predicted that Iran wished public deficit of $ 8.6 billion this year, according to the official exchange rate. Zanganeh added that Iran will raise the income tax to offset the effect of lower oil prices, but the agency did not disclose details. But the economy is recovering slowly from the deep recession caused by the sanctions, so may be difficult to impose a large tax increase. The minister continued that Iran would adopt "austere monetary policy" in the next year. Zanganeh did not mention the details but it seems from his comments that the central bank will not resort to facilitate to curb the impact of the decline in oil revenues
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