Iranian leader presents national budget bill for upcoming year
Date
10/23/2024 5:58:10 AM
(MENAFN) On Tuesday, President Masoud Pezeshkian presented the national budget bill for the upcoming Iranian calendar year, which spans from March 2025 to March 2026, to the Majlis (parliament). The proposed budget is approximately 64.76 quadrillion rials, equivalent to about $98.5 billion based on the free market exchange rate of 650,000 rials. This budget aims to address various sectors of the Economy while setting the stage for future financial planning in Iran.
Within the budget proposal, public resources are estimated at 59.876 quadrillion rials, or about $92.116 billion. A significant portion of this revenue is expected to come from the oil, gas, and oil products sector, projected to generate around 21.07 quadrillion rials (approximately $32.415 billion). This forecast represents a substantial 32 percent increase compared to the current year's revenue. Additionally, crude oil production is estimated at 3.75 million barrels per day, with an average sales price set at €57.5, indicating confidence in the oil sector's capacity to contribute significantly to the national economy.
Tax revenues are another critical component of the budget, anticipated to reach 17 quadrillion rials (around $26.153 billion), reflecting a robust 39 percent increase over the figures outlined in the current year's budget bill. This substantial growth in tax revenue is aimed at supporting various governmental initiatives and ensuring fiscal stability amidst economic challenges. The president's submission of the first part of the budget bill marks an important step in Iran’s economic planning for the upcoming year.
This budget bill is particularly noteworthy as it represents the second budget formulation following the implementation of the country's seventh national development plan for 2023-2027. In his address to the parliament, President Pezeshkian emphasized that reducing inflation is a top priority within this budget framework. He highlighted that the formulation of the budget was the result of extensive consultations with leading experts and parliamentarians, stressing the importance of accurately implementing the seventh development plan to guide Iran's economic future effectively.
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