Iran’s Government has proclaimed 12 plans to counter the imposition of comprehensive US sanctions from November 5.
Mohammad Baqer Nobakht, a senior Presidential advisor and head of the Management and Planning Organization, declared the “support packages” after a Saturday meeting with the chairs of Parliamentary committees.
He said the plans include stabilizing monetary liquidity, securing the Government budget, supporting producers and contractors, and “compensating for the adverse economic effects on people’s livelihoods”.
Other measures cover employment, transport networks, agriculture, industry, and information and communications technology.
Iran is facing economic crisis because of a combination of internal problems and the US sanctions, ordered by Donald Trump in May when he withdrew the US from the 2015 nuclear agreement between Tehran and the 5+1 Powers (US, UK, France, Germany, China, and Russia). The first set of sanctions was imposed in the summer, and the second — including restrictions on the financial and energy sectors — follow in three weeks’ time.
Nobakht said that the Government’s plans have taken into account the effect of sanctions on oil revenues.
Iran’s oil exports have fallen 30% since April. Further cuts are expected from November with leading customers like South Korea and Japan saying that they are halting purchases.
However, Tehran received a boost last week when India, its second-largest buyer behind China, said that it will continue oil imports despite American pressure.