Economy, Domestic Economy

New Budget Finalized in Majlis

New Budget Finalized in MajlisNew 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.

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