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Iranian Government Facing Budget Shortfall



The Iranian government has announced in Parliament that in the first half of the Iranian calendar year, it has taken in only 25 percent of its budgeted annual revenue.

President Ahmadinejad presented the budget to the Parliament in February 2012

The Mehr news agency is reporting on the budget commission's announcement that so far the government received 141 trillion toumans in revenues in the first half of the year, even though government legislation had budgeted for revenues of 566 trillion toumans for the entire year.

Iran is facing severe international sanctions on its crude oil exports, and it is highly unlikely that the government could make up its budget shortfall by the end of the year.

The International Energy Agency (IEA) reported that, compared to last year, Iran is selling 640,000 fewer barrels of oil per day.

Some reports from Iran indicate that Oil Minister Rostam Ghassemi has predicted a rise in oil sales in the coming months.

In 2011, Iran enjoyed oil revenues of $95 billion, but predictions indicate that it can expect only $50 billion in 2012.

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