The head of the executive board of the National Development Fund says the government’s debt to the fund has reached one hundred billion dollars.
The head of the executive board of the National Development Fund says the government’s debt to the fund has reached one hundred billion dollars, and there is no hope for the return of this money.
On Wednesday, December 6th, Mehdi Ghazanfari said that over the past 12 years, governments have borrowed more than 100 billion dollars from the fund, and in addition, the fund’s share of 20 to 40 percent of oil exports, which it was supposed to receive, has been less than 10 percent, with the rest being deposited into government accounts.
He added that all these calculations have brought the National Development Fund to the point where governments, likely due to sanctions, will not be able to pay off the fund’s debt from surplus oil exports in the coming years. Even the expectation that the fund will receive its 40 percent share from oil revenues in the future seems unlikely.
He further warned that there is also the risk that governments might deny some of the fund’s claims.