Iran plans to wean budget off oil income by next year
Iranian officials say the country will kick its dependence on oil revenues by next year, using them only for development projects and to acquire capital assets.
The Iranian government has decided to eliminate its budgetary reliance on oil sales for the fiscal year beginning in March 2020. The administration kickstarted the policy by reducing gasoline subsidies on Nov. 16. This measure is meant to ease budgetary pressures caused by the US maximum pressure campaign on the country's economy, in addition to helping lower-income groups by increasing their cash subsidies.
However, the recent protests across the country proved implementing the policy won't be easy.
