News   /   Economy

Iran submits 52,616 trillion rial budget to parliament for calendar year 1402

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iranian President Ebrahim Raeisi (L) is seen in this January 11, 2023 photo while handing over a draft budget for the Iranian calendar year 1402 that starts in late March to parliament speaker Mohammad Bagher Qalibaf.

Iranian administrative government has submitted a bill to parliament that outlines details of a state budget for the calendar year 1402 starting in late March.

President Ebrahim Raeisi’s Wednesday presentation of the draft budget to the parliament allowed the legislative body to kick off a month-long review of the bill before it holds a vote to approve it and turn into a law.

Reports in local media said the budget would be worth some 52,616 trillion rials, or nearly $130 billion at the free market rate. The figure is an increase of nearly 40% in rial terms compared to the current fiscal year’s budget.

It includes over 30,000 trillion rials of finances that will be allocated to Iran’s state companies, including major firms in the country's massive petroleum and metals sectors.

The budget sets a target of 1.4 million barrels per day in oil exports for Iran in calendar year 1402, a slight increase from targets defined in current year’s budget and a sign that the country is confident of its continued oil sales despite US sanctions targeting its economy.

Sources close to the parliament said that the budget has been compiled based on an average price for oil of $80 per barrel.

Raeisi said upon submitting the draft budget to the parliament that his government would seek to control inflation and boost economic growth in Iran in the fiscal year 1402.

Press TV’s website can also be accessed at the following alternate addresses:

Press TV News Roku