12% of NDFI’s financial resources earmarked to counter sanctions

A member of Board of Trustees at the National Development Fund of Iran said that the NDFI has allocated 12 percent of financial resources to counter US sanctions on Iran.

The heads of three branches of the government came to the decision to set aside 12 percent of financial resources of the Fund for countering US sanctions if needed, Mohammad Hosseini said during a session of Parliament Plan and Budget Commission.

“The withdrawal of funds from the National Development Fund of Iran (NDFI) requires authorization from the Leader of the Islamic Revolution," he added.

He then discussed the Fund's share of oil revenues, saying, “under the 6th Five-Year Socioeconomic and Cultural Development Plan, the Fund should receive 30 percent share of the country's total oil revenues, with two percent added to the share each year." He added that this year's 32 percent share of the revenues came from the exports of crude oil, gas condensate and gas.