The regime's huge budget deficit

Iran Press News: Translation by Banafsheh Zand-Bonazzzi

The regime is facing a $12 billion budget deficit this year. Iradj Nadimi, a member of the budget commission of the parliament said: "This year we are looking at a $3 billion unaccounted for deficit and $7 billion deficit from dubious revenues.”

"Based on calculations $1.5 billion has been paid out for the import of automobiles and $1.5 was from the sale of various regime-owned companies and their respective buildings." He added: "It is certain that by the end of this year we will in fact have a $12 billion deficit which even in view of the compensatory purchase of wheat and importation of petrol* could escalate to $16 billion." READ MORE

Nadimi stressed: "There are three ways to compensate for the budget deficit. First, diminishing the construction and development budget, second cutting out unnecessary expenses and establishment of financial order and discipline and finally withdrawal from our reserves which will worsten inflation and severely threaten investments, quashing all development and production projects."

*Iran exports crude oil and reimports refined petrol.