$595b national budget bill submitted to Iranian parliament

The administration of President Mahmoud Ahmadinejad presented the national budget bill for Iranian calendar year 1392, which starts on March 21, to the Majlis on Wednesday.
The proposed national budget amounts to about 7.3 quadrillion rials (approximately $595 billion), showing a 22 percent rise year on year.

The bill has predicted a 40 percent drop in oil revenues compared to the current year’s projected figure.

It has forecast that oil revenues will hit 660 trillion rials (about $53.8 billion), 40 percent down year on year, according to the Fars News Agency.

The funding for running the government has been increased by 15.2 percent to 1.6 quadrillion rials (about $135 billion).

Reportedly, next year’s national budget has set the price of oil at $95 per barrel, based on the exchange rate of 12,260 rials, which has been fixed by the Central Bank of Iran.

The bill has also allocated 900 trillion rials (about $73.4 billion) for implementing the second phase of the Subsidy Reform Plan, a 125 percent rise compared to the budget which had been allocated for the first phase of the plan.