Iran establishes fund to distribute surplus oil revenues
Iran’s government has established a fund in which surplus income from oil production will be accumulated, with the intent that the monies be used in a well-formulated manner that will best serve the interests of the state, reported the Mashhad Khorasan.
With skyrocketing oil prices in 2000, Iran, like several other oil producers, has experienced a windfall in revenue, and at present is reporting a surplus of oil income of about $2 billion.
Both outside economic experts and deputies in the Majles have urged the government that the money be spent according to a plan, and not allocated as it was in 1996, when the country last had a surplus in oil income.
The Mashhad Khorasan quoted Iran’s oil minister as noting that regulations for using the oil income surplus have not been ratified, and it therefore cannot be used till this is done. – (Albawaba-MEBG)