AFP: Iran's lawmakers adopted on Thursday a budget for the coming year of 279 billion dollars, after slashing 19 billion dollars in revenues that would have been raised from a hike in energy prices that was ultimately rejected, news agencies reported.
TEHRAN (AFP) — Iran's lawmakers adopted on Thursday a budget for the coming year of 279 billion dollars, after slashing 19 billion dollars in revenues that would have been raised from a hike in energy prices that was ultimately rejected, news agencies reported.
"After five days of (lengthy) debate on projected revenue and expenditure for the next year, the 279 billion dollars was passed," the Fars news agency reported, adding that the budget must now be approved by the Guardians Council.
On Sunday, MPs had approved a 298 billion dollar budget outline for the year beginning on March 21. However, the following day they scrapped a proposal that would have allowed the government to raise energy prices after protests that this would stoke inflation.
The budget, down from the current year's 307 billion dollars, comes at a time when Iran is battling high inflation of around 26 percent and reduced revenue because of the plunge in world oil prices.
Oil accounts for 80 percent of Iran's foreign currency receipts, making the economy highly vulnerable to shifts in global crude prices. These are now under 50 dollars a barrel, having plunged from a high last summer of 147 dollars.
