Some $4B of Iran ’s yearly development budget not materialized

Business Materials 6 July 2015 13:46 (UTC +04:00)

Tehran, Iran, July 6

By Mehdi Sepahvand - Trend:
The performance of Iran 's last year (which ended March 20) development budget hit $10.2 billion, which was $4.17 billion less than the budget provisioned in the year's national budget law.

The development budget performance for the preceding year had been $7.5 billion.

Accordingly, the country's development budget came with an improvement of 36 percent compared to the preceding year.
The Iranian parliament approved the $296 billion national budget bill for the current Iranian fiscal year on March 4.

The US dollar is 28,500 rials in the budget bill although it is sold at 33,000 rials in the free market.

The budget bill initially presented by President Hassan Rouhani to the parliament was $293 billion.

The budget bill has been drafted based an oil price of $72 per barrel. This is while the oil price is currently below the figure. The IEA has predicted that oil will drop to below $60 on average in 2015.

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

Edited by CN