Oil share in Iran budget cut by 2/3

A view of Iran’s Majlis

TEHRAN Dec 09 (Shana)–The share of oil in Iran’s annual budget for the next fiscal year has been slashed by two-thirds, an MP said.
“[Budget] Dependence on oil revenues has for the first time been reduced to one-third,” Mohammad-Reza Pour-Ebrahimi, member of Majlis Economic Committee, said.

“The reduced dependence on oil revenues carried this message to the world that even if they enforce sanctions, Iran will not back down from its rightful positions,” he said.

On Sunday, President Hassan Rouhani presented the draft budget for the next Iranian fiscal year (beginning March 21) to the country’s parliament or Majlis.

President Rouhani said curbing inflation is the top priority in his administration’s proposed budget for the next fiscal year.

The total budget figure for the next Iranian year stands at around $311 billion or IRR 8,380 trillion ($1= IRR 26,936). The budget bill for the next year is 4.3 percent higher than that of the current year.



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