Iranian president issues next year’s national budget law

Business Materials 20 March 2015 13:00 (UTC +04:00)

Baku, Azerbaijan, Mar. 20
By Khalid Kazimov - Trend:

Iranian President Hassan Rouhani has officially issued the country's national budget law for the upcoming Iranian fiscal year (starting March 21).

The law was introduced to Iran's Management and Planning Organization according to Article 123 of the country's constitution, the presidential website reported March 20.
Iranian parliament speaker Ali Larijani said March 16 that the parliament has worked two ceilings into the budget.

"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.

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

The Iranian Majlis (parliament) has allowed $4.8 billion of the country's Development Fund to be spent in developing joint oil and gas fields.

The budget gives 52 trillion rials to the production section, transportation, and fuel optimization.

The production section is a new part devised into the budget. Previously it was overlooked because the money was paid to people as cash subsidies.

It also allocates 48 trillion rials of the subsidies reform revenues to the health sector.

Edited by CN