Economy, Domestic Economy

Iran's Budget Bill Allocates $4.2b to Production, Job Creation

Budget Bill Allocates $4.2b to Production, Job CreationBudget Bill Allocates $4.2b to Production, Job Creation

As per the budget bill of the coming fiscal year (March 2018-19), the government will allocate 180 trillion rials ($4.28 billion) out of the Subsidy Reform Plan’s resources for production sector and creation of 634,000 jobs, deputy minister of industries Reza Rahmani said.

  “The current year’s budget had projected 450,000 jobs for the year. The objective was achieved in eight months,” Fars News Agency quoted Rahmani as saying. 

According to the government spokesman, Mohammad Baqer Nobakht, the parliament tasked the government with removing 20-30 million people from the list of cash subsidy receivers last year to free up 150 trillion rials ($3.57 billion) of such resources.

As part of the Subsidy Reform Plan, subsidies on food and energy have been removed and instead paid to citizens in monthly tranches of 455,000 rials ($11.37) since 2010.

President Hassan Rouhani presented the budget bill for the fiscal 2018-19 to the parliament on Sunday.


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