The Iranian Parliament on Sunday stipulated that the share of the National Development Fund (NDF) from the country’s oil and gas export revenues in the budget bill for the next Iranian year (starting March 21) would be 38 percent if crude oil exports surpass one million barrels per day (mbd).
As Indian Finance Minister Nirmala Sithraman started her Budget 2021 speech in parliament, Twitter users were predictably busy churning out memes. On Twitter, the hashtag #Budget2021 trended high as some users flooded the microblogging platform with memes and jokes after each announcement and others discussed the Budget. Sithraman said the Budget was prepared in circumstances like never before and that the government was fully prepared to back and facilitate a reset of the economy. This year, amid the coronavirus pandemic, the Budget was paperless. Instead, Finance Minister Nirmala Sitharaman was seen carrying a tablet in a red sleeve this morning, with reports stating that the device is a "Made in India" product.
India is unveiling a new budget on Monday committed to higher spending to revive growth, blowing out the fiscal deficit wider than expected as the government of Prime Minister Narendra Modi seeks to spend its way out of the pandemic-induced slump.
Brazil’s government under President Jair Bolsonaro is proposing the smallest budget for environmental protection in at least 13 years despite soaring destruction of the country’s Amazon rainforest, according to data from non-profit Contas Abertas.
The head of Iran’s Plan and Budget Organization (PBO) said on Wednesday that his organization is considering $40 per barrel of oil for preparing the national budget bill for the next Iranian year (starting March 21, 2021).
Iranian President Hassan Rouhani said that the main goal of the national budget bill for the next Iranian year (to start March 21, 2021) is to downsize the government and cut the direct dependence on oil revenues.
The Australian government said on Sunday it will earmark an additional A$1.2 billion ($859 million) in wage subsidies in the 2020/21 budget and that its frameworks assume that there will be a novel coronavirus vaccine next year.