New Budget Finalized in Majlis

The Iranian Parliament finalized on Sunday the budget for the new Iranian year that starts on March 21.  A total of 160 lawmakers voted in favor, 19 voted against and four MPs abstained to pass a budget amounting to 11.5 quadrillion rials ($305 billion), IRNA reported.

The budget includes 3.98 quadrillion rials ($90.5 billion) earmarked as "general revenues" in addition to a whopping 8 quadrillion rials ($211 billion) to fund state companies, institutions and banks. 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.