Financial Tribune - Oil revenues are generated from selling the country’s capital assets and should be spent on augmenting capital assets, such as development projects, the head of Plan and Budget Organization, Mohammad Baqer Nobakht, said.

“Therefore, all revenues from oil sales will be allocated to the development sector as per structural reforms in next year’s budget," he added.

Noting that current expenditures from oil revenues will be cut to zero in the next fiscal budget (2020-21), the official said, “The number of provincial development projects has increased from 76 to 86 over the past couple of years, indicating that new projects have been initiated before the completion of old ones. The disproportionate rise in the number of development projects will be avoided, as per the reforms undertaken in next year’s budget.”