Iran unveiled its draft 2018-19 budget this week. On the surface it’s relatively unchanged from the current year (2017-18), with modest revenue and spending gains penciled in. But, with the IMF pegging inflation at 10%, the budget is in effect sharply reduced in real terms.
The new budget comes at a delicate time for Iran as the much touted re-opening of its oil and gas sector has not lived up to expectations. To date, the only contract signed is for South Pars Phase 11 (with Total and CNPC) and even here uncertainty reigns. (CONTINUED - 1012 WORDS)
