The CEO of the National Development Fund announced that the government’s debt to the fund has reached one hundred billion dollars.
The CEO of the National Development Fund stated that the government’s debt to the fund has reached one hundred billion dollars and there is no hope of recovering this money.
Mehdi Ghazanfari said on Thursday, the sixth day of Dey month, that governments have borrowed more than 100 billion dollars from the fund over the past 12 years, and in addition, the fund’s share of oil exports, which should have been 20 to 40 percent, has been less than 10 percent and the rest has been deposited into the governments’ accounts.
He added that the total of these calculations has brought the National Development Fund to the point that governments will likely not be able to repay the fund’s debt from the surplus of oil exports in the coming years due to sanctions, and it is even unlikely that the forecast of 40 percent of the fund’s share of oil revenues will be realized in the future.
He further warned that there is also a risk that governments may deny some of the fund’s claims.
