Domestic Economy

‘Viable’ Budget Prepared

‘Viable’ Budget Prepared ‘Viable’ Budget Prepared

The budget bill for the next fiscal year (March 2015-March 2016) is in the final phase and the government will soon receive the draft version for further review, government Spokesman Mohammad Bagher Nobakht announced Thursday.

"The next year's budget bill has been prepared with a practical view, and its focus is on the civil projects," IRNA quoted Nobakht as saying.

The civil projects especially those that have already undergone 80% progress are to be prioritized in next year's budget bill, he noted.

The budget bill, which provides a detailed projection of all government's income and expenses per annum, will be submitted to the parliament for approval.

Earlier, Nobakht said that the administration has come up with two versions of the draft budget in a bid to reduce the inflation rate and boost economic growth.  He said that the first version has been made in an attempt to counter the possible difficulties in case the US-led sanctions remain in place and the second one foresees different expenditures in case of sanctions' removal and earning larger revenues.

On Thursday, he further pointed to the 6th Five-Year Economic Development Plan (March 21, 2016-March 21, 2021), saying that the plan "will be centered on promoting competitive manufacturing based on "Resistance Economy" and Iranian-Islamic paradigm of progress."

The plan is a document prepared by the Office of the Vice-President for Planning and Strategic Supervision. The document is expected to set the general guidelines and policies for the country's development in the next five years.

The Resistance Economy and the Iranian-Islamic paradigm of progress which Nobakht has referred to are both envisioned by Iran's Leader Ayatollah Seyed Ali Khamenei. The aim of the Resistance Economy is to mould an economy which is free from oil dominance. The latter, however, is a model that seeks to deal with the four realms of intellect, science, lifestyle and spirituality, and as it is urged by the Leader it "shall serve as a benchmark document for any future visions or planning."