Economy, Domestic Economy

Parliament Approves $304b Budget Bill

Parliament Approves $304b Budget BillParliament Approves $304b Budget Bill

Parliament members on Tuesday approved a 8.449 trillion-rial ($304 billion at official exchange rate) budget bill for the upcoming Iranian calendar year, starting on March 21.

Following detailed review of various revenue and expenditure sections in the budget bill proposed for next year – general outlines of which were approved on February 15 – the parliament members finally ratified the budget bill. Out of the 195 members present in the session, 144 voted in favor of the bill, 33 voted against and the remaining abstained, IRNA reported.

As per the ratified budget bill, the government’s revenues and spending in the coming Iranian year will exceed 8,449,599,804,000,000 rials, as follows:

a) General budget revenues from the transfer of government capital and financial assets and general budget spending towards obtaining capital and financial assets, valued in  excess of 2,744,101,609,000,000 rials ($98.7 billion), including 2,362,817,171,000,000 rials ($85.0 billion) from general resources and 381,284,438,000,000 rials ($13.7 billion) from the ministries and government organizations.

b) The budget for government companies, banks and government affiliated profit institutions exceeding 5,970,596,988,000,000 rials ($214.7 billion) in terms of revenues and credit resources and 5,970,586,988,000,000 rials ($214.7 billion) in terms of expenditures and other spending.