Iran`s $ 524bn budget to boost industries, curb inflation

Last Updated: Tuesday, February 22, 2011 - 16:05

Tehran: Iranian President Mahmoud
Ahmadinejad submitted to Majlis (Parliament) a
5,390-trillion-rial (about USD 524 billion) budget bill for the next Iranian calendar year that is to start on March 21.

Ahmadinejad told Majlis on Sunday that his government is
aiming to reduce Iran`s reliance on oil income, and push ahead
with a major subsidy phase-out. Moreover, he said one of the
characteristics of the budget is to overcome inflation,
poverty and unemployment.

The president briefed the lawmakers on specific
characteristics of the budget bill, saying the next year`s
budget allocated over 475 trillion rials to development

Ahmadinejad urged lawmakers to swiftly approve the
package of measures, so he can continue what he refers to as
his drive to reduce social inequality.

The budget bill for the new Iranian calendar year
encompasses measures that give Ahmadinejad the mandate to
promote his major economic plans.

The budget will mainly depend on oil and gas exports
which constitute most of the government revenue as of previous

The draft budget for the next Iranian year, which begins
on March 21, was around USD 172 billion, he said. In addition
to that, the budget for state-affiliated companies was USD 352
billion. Last year the total budget amounted to USD 368
"One of the characteristics of the budget is to narrow
the gap between social classes," he said in a speech broadcast
live on television.

Ahmadinejad said the new budget was "transparent,
integrated and simple," adding that the government did not
expect the parliament to alter the bill.


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First Published: Tuesday, February 22, 2011 - 16:05

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