Rouhani submits $405b budget bill to Majlis

December 25, 2018

TEHRAN –President Hassan Rouhani presented the administration’s draft of the national budget bill for the next Iranian calendar year 1398, which starts on March 21, 2019, to the Majlis on Tuesday, ISNA reported.

The proposed bill amounts to 17.03 quadrillion rials (about $405 billion at the official rate of 42,000 rials).

Supplying basic goods, treatment and medical equipment; securing livelihood; supporting production and employment; promoting tourism; and preserving water resources and environment are the focal points of the bill.

It estimates the oil income at 1.425 quadrillion rials (about $34 billion) with 410 trillion rials (about $9.7 billion) rise year on year.

Also, tax income is projected to be 1.53 quadrillion rials (about $36.5 billion).

Development budget is estimated at 620 trillion rials (about $14.7 billion).

And government’s expenses are to be 3.2 quadrillion rials (about $76 billion).

As unveiled on December 7 by Budget and Planning Organization, the proposed budget bill forecasts 1.5 million barrels of oil sales per day at the price of $54 per barrel.

The bill attaches priority to three sectors for receiving facilities in foreign currency; including investment making by private sector and cooperatives in oil and gas development projects, industry and mining projects in deprived regions, and sugar beet processing and supplementary industries.    

The government was to submit next year’s budget bill to the parliament on December 16 but the issue was delayed due to some required modification.

MA/MA

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