VOL. XLVII

No 12

22-March-2004

IRAN

BUDGETS AND REVENUES

Iranian Government Authorized To Withdraw $5Bn From Oil Fund

Irans Expediency Council (EC), the top arbitration body in the country which mediates in disputes between parliament and the hardline Guardians Council (GC), on 16 March approved the withdrawal by the government of $5bn from the Oil Stabilization Fund(OSF), which was established in 2000 to deposit any surplus oil revenue when oil prices exceed projections. The reformist-dominated...