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Iran Majlis adopts Rouhanis first budget bill

TEHRAN, Feb. 9, 2014, (Press TV)Iranian lawmakers have voted in favor of President Hassan Rouhanis budget bill for next calendar year (starting March 21, 2014).

The legislators approved the budget on Sunday with 166 votes in favor and 25 against, and four abstentions.

Rouhani had last December submitted his 315-billion-dollar budget bill for the next Iranian calendar year.

The endorsement follows ten days of studying the details of the budget bill.

Now, the bill will be sent to the countrys top overseeing body the Guardian Council (GC) for final approval before turning into law.

In case of being voted down by the GC, the bill will be sent back to the legislators for the required amendments. If the MPs insist on their own version, the top arbitration body Expediency Council will intervene.

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.

Rouhani said the administration has considered increasing revenues from oil sales and taxes.


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