Parliament Approves Budget Outlines

The Iranian Parliament approved the outlines of the budget for the new Iranian year (March 2017-18) on Tuesday. 

A total of 111 lawmakers voted in favor while 70 were against the figures proposed by the Majlis Joint Commission, while five MPs abstained, IRNA reported.

The joint commission is a parliamentary body responsible for reviewing the budget bill as well as five-year development plans proposed by the government before its final ratification.

The general budget, excluding revenues earned by ministries and state organizations and companies, totals 3.45 quadrillion rials ($90.5 billion), which shows a 7.8% rise compared to the 3.2 trillion rials the government has proposed, according to the Persian economic daily Donya-e-Eqtesad. The figure shows a 17% rise compared to the budget law of the current Iranian year (March 2016-17).

The parliament-approved budget needs the final endorsement of the Guardians Council—the body in charge of ascertaining the constitutional and Islamic nature of all laws—before it becomes a law. President Hassan Rouhani submitted the budget bill to parliament early December.