Social welfare, employment and production, and education are the top three expenditures in the government’s budget for the upcoming fiscal year (starting March 21), said the head of Planning and Budget Organization of Iran, Mohammad Baqer Nobakht, who doubles as government spokesman.
As per the budget law of the next year (March 2018-19), the biggest expenditure will be 910 trillion rials ($20.2 billion) for social welfare, pensioners and people covered by the Imam Khomeini Relief Committee and State Welfare Organization, rural residents and low-income individuals.
The second biggest proportion of budget, 734 trillion rials ($16.3 billion), will be spent to energize employment and production, and 570 trillion rials ($12.6 billion) will go to education, ISNA quoted the official as saying.
Members of the Iranian Parliament agreed on a budget of 12.17 quadrillion rials (about $270 billion) for the upcoming Iranian year on Feb. 22 with 148 votes in favor, 38 against and 3 abstentions.
The parliamentary approval puts the budget above the 11.94 quadrillion rials ($264 billion) proposed in the government's proposed bill submitted to the lawmakers back in December by President Hassan Rouhani.
The total amount of general resources in the budget as approved by the parliament stands at 4.43 quadrillion rials ($98 billion), indicating a 4.13% rise compared to the government’s proposed bill.
The government’s general resources consist of two sections: general revenues and revenues exclusive to ministries and governmental institutes.
General revenues approved by the lawmakers is at 3.86 quadrillion rials ($86 billion), about 4.69% more than the figure proposed by the government, while revenues exclusive to ministries and governmental institutes saw a 0.37% rise compared to the government's original plan to stand at 570.73 trillion rials ($12.5 billion), IRNA reported.
Public companies, banks and for-profit institutes affiliated to the government will get 8.33 quadrillion rials ($185 billion) to finance their operations next year, as approved by the parliament.
The government’s proposed spending package was 8.13 quadrillion rials ($180 billion).
