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operations in Iran.
During the latter half of the Obama administration, FDI in Iran jumped from around $2bn in 2015 to $3.37bn in 2016, at the end of which the nuclear deal was signed by Iran and six major powers including the US. Donald Trump unilaterally pulled the US out of the multilateral accord but the other signatories remain signed up.
The upward FDI trend continued in 2017 with a figure of $5.01bn, up 48% y/y. Overall, the world’s FDI volume stood at $1,297bn in 2018, meaning Iran had a share of 0.26%
6.0​ Public Sector 6.1​ Budget
Iran’s draft budget skips parliamentary scrutiny as coronavirus means legislature cannot be convened
Traditional parliamentary scrutiny in Iran of the country’s draft state budget has been skipped in favour of sending it straight to the Guardian Council for approval given that 23 MPs have fallen ill with the coronavirus, the ​Financial Tribune ​daily has reported.
Asadollah Abbasi, spokesman for the presiding board of the parliament, reportedly explained that the virus outbreak meant that, as per Article 85 of the Iranian Constitution, the draft budget for the 2020/2021 Persian calendar year (which commences on March 20) should be moved on to the executive body once it became clear the legislature could not be convened.
The 12-member Guardian Council—made up of Islamic Law experts selected by the supreme leader of Iran and six jurists selected by the parliament from among jurists proposed by the head of the Judiciary—has 20 days to review the budget bill from March 3, according to Abbasali Kadkhodaei, its spokesman.
The draft budget as it stands does not take into account the loss of income to the state from the closure of businesses in the country caused by the coronavirus epidemic.
The International Monetary Fund (IMF) estimated in April that Iran could hit a budget deficit of nearly 10% this year from a 5.7% deficit in 2019.
29​ IRAN Country Report October 2020 www.intellinews.com