TEHRAN, Feb. 9 (UPI) -- Despite the slump in oil prices, the Iranian government aims to invest more than $16 billion in development projects, a planning director said.
Mohammad Baqer Nobakht, director of Iran's planning organization, said Iran has the funds necessary to drive development despite low oil prices.
"Over $16 billion will be invested in the country's development projects from public resources next year, while investments from the resources of state-owned companies will amount to $34.3 billion," he said Sunday.
The Iranian economy emerged from recession in December, which the government said came as a result of heavy government investments in national development projects. Though its economy is dependent on oil export revenue, the government in early January said non-oil exports from the beginning of the Iranian year, which starts in March, increased to $35 billion, or about 20 percent year-on-year.
The government said exports have dropped by 1.5 million barrels per day and inflicted more than $100 billion in revenue losses.
Iranian Supreme Leader Ali Khamenei said planning officials were working to treat "chronic and lasting economic problems," as well as pressure from Western economic sanctions.
Iran is restricted to exports of around one million barrels of oil per day under the terms of a multilateral agreement reached in November 2013.
