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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.
A general view of Abadan oil refinery in southwest Iran, is pictured from Iraqi side of Shatt al-Arab in Al-Faw south of Basra, Iraq September 21, 2019. REUTERS/Essam Al-Sudani - RC171C70A610

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.

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