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Majlis Approves Sum of Next Year's General Budget

Service : Economy
TEHRAN, April 30 (ICANA) – Iran’s Parliament (Majlis) on Saturday approved the sum of next year’s general budget as about Rls 1,695,513,000,000,000.
Saturday, April 30, 2011 2:22:26 PM
Majlis Approves Sum of Next Year's General Budget

The sum was approved by MPs who cast 124 votes for and eight votes against it as well as 66 abstentions out of the 198 members present in the session.

The figure included about Rls 1,544,431,000,000,000 of general revenues and nearly Rls 151,082,000,000,000 of special revenues.

After approving the sum of next year’s general budget, Iranian MPs are to discuss expenditures of the next year’s budget bill.

Earlier this month, the Majlis approved the draft of the national budget bill for the current Iranian calendar year, which started on March 21. The administration's general outlines of the national budget bill for the new fiscal year were approved on Tuesday with 149 votes in favor, 61 against, and nine abstentions from the 225 MPs who were present in the Majlis.

The budget bill, which was submitted to the Majlis on February 20, envisages 5.39 quadrillion rials (approximately $513 billion) of expenditures for the 2011-2012 fiscal year in two parts, namely the budget for state-affiliated companies and banks and the general budget.

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

The budget is based on an oil price of $80 per barrel, well below global prices over the past two months, and the value of the US dollar is estimated at 10,500 rials in the bill.

The 45 percent increase in the national budget compared to the national budget of the previous Iranian calendar year is partly due to expenditures for 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 payments as compensation.

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