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All tagged oil revenues
◢ Next week, President Hassan Rouhani will submit a budget proposal for the forthcoming Persian year (covering March 2019-2020). Currently, the Rouhani administration has few options as it seeks to avoid a budget deficit. Yet the political tradeoffs required when devising a budget under sanctions may prove more difficult to manage than the economic challenges.
◢ To win foreign investment, Iran's needs to boost development expenditures. But expansionary fiscal policy will require a new source of revenue, as oil sales remain stagnant and tax rises remain politically risky.
◢ A sovereign debt sale, long discussed by Iranian officials, is the fundamental way Iran can find the revenues to self-fund growth. The Rouhani administration must focus on making its bond offering a reality.
