Domestic Economy Desk Surplus foreign exchange will be deposited in the National Development Fund (NDF), said the advisor to vice president for supervision and strategic affair. Mohammad Kordbacheh also told IRNA on Sunday that this is stipulated in the budget bill of the next Iranian year (to start March 21, 2014 ) and will increase budget transparency, IRNA reported. "This will also reduce the amount of miscellaneous credits, which reached $17.33 billion in the current year and is expected to decline by $4.33 billion next year," he said. He stressed that the government also plans to boost transparency of its current accounts. Kordbacheh noted that unlike previous years, the government presented the budget bill to Majlis on time. He added that monetary discipline is also observed in the current year's budget bill, which is its most important feature compared with those of past years. The official noted that compiling an annual report is the government's most important responsibility with respect to next year's budget. He said that in the past, the MPs insisted that the government prepare a priority list of projects and finance them according to their progress. The present government has prepared this priority list by placing the projects in three categories, namely those with a physical progress of up to 20 percent, 80 percent and more than 80 percent. "Currently, there are 2,906 incomplete projects across the country, of which 614 belong to the 1st category, 930 to the 2nd and 184 to the 3rd," he said. "Next year, the government will complete 246 projects." NDF was founded in 2011 to replace Oil Stabilization Fund . Its reserves stood at $24.4 billion in 2011 and $35 billion in 2012. Based on Article 84 of the Fifth Five-Year Economic Development Plan (2010-15), NDF was established to use surplus oil and gas revenues for productive investments. The money is to be deposited in domestic banks.
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