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Iranian parliament gives national budget two ceilings

Business Materials 16 March 2015 17:45 (UTC +04:00)

Baku, Azerbaijan, Mar. 16

By Khalid Kazimov - Trend:

Iranian parliament speaker Ali Larijani has said that the parliament has worked two ceilings into the country's national budget of the next Iranian fiscal year (starting March 21).

"The government had given the parliament the budget plan taking oil prices at $50 per barrel. But we granted the price at $40, while the global market prices are already higher than that," he said, Fars news agency reported March 16.

The administration had announced earlier that it had prepared a special plan for running the country even if oil price drops to $40.

Larijani added that by giving the national budget two ceilings, way has been left open to withdraw more money for construction projects if oil prices increase by the second half of the next Iranian fiscal year (from September 23 on).

He said that the budget for construction projects has been set at 300 trillion rials (27,997 rials making USD1).

The parliament speaker pointed out that experts estimate Iran's next year economic growth to hit 2 percent, investment to grow by 4 percent, and inflation to reach 14 percent.

He said that the next year's budget gives 52 trillion rials to the production section, transportation, and fuel optimization.

The production section, according to Larijani, is a new part devised into the budget. Previously it was overlooked because the money was paid to people as cash subsidies. He added that the budget also allocates 48 trillion rials of the subsidies reform revenues to the health sector.

He further said that the cash subsidies would not undergo much change compared to the current fiscal year.

Edited by CN

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