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Majlis Starts Deliberation on Budget Bill

Service : Economy
TEHRAN, April 26 (ICANA) –The Iranian Parliament officially began discussing the government's 5,390-trillion-rial (513-billion-dollar) budget bill for the 2011-2012 fiscal year Tuesday.
Tuesday, April 26, 2011 10:18:45 AM
Majlis Starts Deliberation on Budget Bill

The Majlis began intense sessions to discuss the bill, which was submitted on February 20, a month before the beginning of the new Iranian calendar year (March 21, 2011).

President Mahmoud Ahmadinejad's delay in submitting the bill sparked criticism from lawmakers, who said Majlis did not have sufficient time to review all aspects of the bill.

The Parliament had approved a short-term emergency budget for March and April. Lawmakers now begin to review the bill more than two months after the Persian New Year.

The budget is based on an oil price of USD 80 per barrel. The value of the US dollar is estimated at IRR 10,500 in the bill.

This year's budget shows a 45-percent increase compared with that of last year which stood at USD 368 billion.

The rise is partly due to the government's subsidy reform plan, which was launched in December 2010.

The plan aims to gradually remove subsidies on gasoline, natural gas, electricity and food over a five-year period and instead give families cash handouts as compensation.

Some economists criticize the plan, saying it has led to a hike in prices for essential commodities and will raise the inflation rate.

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