Economy, Domestic Economy

Budget, 6th Plan Passage Postponed

Budget, 6th Plan Passage PostponedBudget, 6th Plan Passage Postponed

The chiefs of the legislative, executive and judiciary branches of the government have agreed to postpone the passage of the sixth five-year development plan (2016-21) and the budget for the upcoming Iranian fiscal year (to start March 20, 2016) until next year, MP Ahmad Tavakkoli announced. This would provide enough time for the parliamentarians to weigh the details of the two bills, which were submitted by President Hassan Rouhani on January 17 to the parliament, one day after the UN nuclear agency announced that Iran had been complying with the promise to limit its nuclear energy program. The announcement marked the official end of years of western sanctions regime. The five-year development plans outline government strategies in its budget planning for the next five years. Ayatollah Seyyed Ali Khamenei, Leader of the Islamic Revolution, laid out the initial guidelines for drafting the 6th FYDP back in July. An annual economic growth rate of eight percent is the main target of the upcoming development plan.