TEHRAN – Head of Iran’s Planning and Budget Organization (PBO) said 14.4 quadrillion rials (over $342.85 billion) is going to be allocated for state-run companies in the next year’s budget plan, ILNA reported.

“For 382 government-owned corporations 14.4 quadrillion rials has been envisioned. The figure is based on the companies’ performance and the expenses of such public enterprises,” Mohammad Baqer Nobakht said on the sidelines of the 15th meeting of the budget headquarters on Monday.

According to the official, since PBO is going to submit the budget plan for the government-owned companies in the next Iranian calendar year (March 2020-21) to the parliament on November 6, so the final revisions and assessments were the main focus of discussion during the 15th meeting.

According to the next year’s budget plan, state-owned companies are expected to invest more than 2 quadrillion rials (over $47.6 billion) in development projects, Nobakht said.

“About 400 trillion rials (about $9.5 billion) has also been allocated for job creation, so we can say that in the next year’s budget bill more than 3 quadrillion rials (about $71.42 billion) will be allocated for development projects and creating jobs,” he added.

Back in October, Nobakht announced that the government is going to allocate all revenues from oil sales to the development projects following structural reforms in the next Iranian calendar year’s budget bill.

According to the official, the revenues gained from elimination of hidden energy subsidies as well as increased tax incomes will replace oil revenues. 
Back in September, Nobakht had announced that the government was going to submit the budget bill for the next Iranian calendar year to the parliament on December 6 as scheduled.

EF/MA