Iranian parliament envisages $14.5B income via subsidy reform
Baku, Azerbaijan, Feb. 26
By Fatih Karimov – Trend:
Iranian MPs put the government’s revenues through the implementation of the subsidy reform plan at 480 trillion rials (about $14.5 billion) for the next fiscal year (to start March 20).
The approval is a part of the next fiscal year’s budget bill which is under study in the parliament, Iran’s Mehr news agency reported Feb. 26.
The figure remained unchanged compared to the current fiscal year.
Iran's subsidy reform plan is aimed at easing the pressure on state finances by cutting tens of billions of dollars from government subsidies on food and fuel. The government pays cash to citizens as compensation for increased prices by cutting subsides.
The Iranian parliament approved general outlines of the national budget bill for the next Iranian fiscal year on Feb. 21.
The draft budget bill has put the price of a barrel of oil at $50 for the next fiscal year.
In the meantime, 20 percent of the country’s oil revenue will go to the National Development Fund.
The draft has predicted that Iran’s revenue from oil exports would stand at 1,100 trillion rials (about $33.3 billion according to USD rate against Iranian national currency envisaged by the draft bill).