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Iran MPs approve budget bill on first reading

TEHRAN, Jan. 31, 2014, ( Press TV)  Iranian lawmakers have endorsed the broad lines of President Hassan Rouhanis 315-billion-dollar budget bill submitted last December for the next Iranian calendar year (starting March 21).

The legislators approved the draft budget on Wednesday with 130 votes in favor and 59 votes against. Ten of the 209 lawmakers present in Majlis abstained from vote.

Now, parliamentarians are studying the details of the budget.

The bill has been devised on an average oil price of 100 dollars per barrel with an exchange rate of 26,000 rials against the dollar. The governments budget is set at around USD 75 billion.

On December 8, Rouhani described employment as the most important future issue for the countrys economy, adding, however, that the most pressing problem now is the issue of stagflation.

"The toll of the levels of inflation and stagnation over the past two years has been unprecedented," Rouhani noted.

He added that his administration has been able to reduce the monthly rate of inflation from 3.4 percent in June to 1 percent in November.

Rouhani said the administration has tried to consider increasing revenues from oil sales and collecting taxes in order to increase its budget resources. He added that the proposal for implementing the second stage of subsidy reform plan will also be submitted to Majlis next year.


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