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Lawmaker: Majlis to Adopt New Year Budget by Early May

Service : Economy
TEHRAN, Mar 29 (ICANA) – Member of the Joint Committee of the Iranian Parliament (Majlis) says his committee will start deliberations on the New Year budget bill for 1390 (2011-2012) next week and expects to adopt the bill in one month, that is by early May.
Tuesday, March 29, 2011 9:04:08 PM
Lawmaker: Majlis to Adopt New Year Budget by Early May

Mousa Reza Sarvati told ICANA Tuesday that the generalities of the Budget Bill which was submitted to the Majlis by President Mahmoud Ahmadinejad's government on February 20, had been discussed by the Joint Committee.

As of April 3rd, the Joint Committee will examine the question of revenues in the Budget Bill. He said his committee had realized the government's expectations in the revenues section of the Budget Bill so far.

The lawmaker noted that the Joint Committee needed 15 days to fully examine the Budget Bill and "we hope to adopt the bill not later than one month after deliberations start on April 3rd."

The Budget Bill for the Iranian calendar year 1390, which began on March 21, is about 5,390-trillion-rial (USD 539 billion).

The total budget figure is divided in two parts. The budget for state-affiliated companies is USD 362 billion and the draft budget is around USD 177 billion.

The new budget shows a 45-percent increase compared with the budget of the current Iranian calendar year that was about USD 368 billion.

After adoption in the parliament, the budget will be sent to the Guardian Council, whose approval is needed for the bill to become law.

One of the reasons behind this year's budget hike is implementation of the targeted subsidy plan, which was launched in December 2010. The plan aims to gradually remove all subsidies over a five-year period and instead give families cash handouts as compensation. It eliminates subsidies on gasoline, natural gas, electricity and food and is considered to be one of the most important economic undertakings in Iran's modern history.

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