Iranian parliament approves general framework of national budget bill
Date
10/29/2024 8:54:07 AM
(MENAFN) The Iranian parliament has approved the general framework of the national budget bill for the upcoming Iranian calendar year 1404, which will begin on March 21, 2025, according to Tasnim News Agency. During an open session on Tuesday, the Majlis (Iranian parliament) put the budget bill to a vote, with 146 out of the 249 MPs present voting in favor of it. This approval marks the initial stage in the legislative process for the national budget, setting the groundwork for Iran's fiscal priorities for the next year.
President Masoud Pezeshkian had previously submitted the proposed budget to the Majlis on October 22. The budget amounts to roughly 64.76 quadrillion rials, or approximately USD98.5 billion, based on the free market rate of 650,000 rials per dollar. The bill outlines public resources estimated at 59.876 quadrillion rials (about USD92.116 billion), reflecting the government’s revenue projections for the upcoming fiscal year.
Key revenue estimates in the budget include a projected income of 21.07 quadrillion rials (approximately USD32.415 billion) from oil, gas, and oil products, representing a 32 percent increase compared to the current year’s income. Crude oil production is expected to reach 3.75 million barrels per day, with an average sales price of €57.5 per barrel. Additionally, tax revenues are forecasted at 17 quadrillion rials (USD26.153 billion), a 39 percent increase over this year’s figures, demonstrating an intensified focus on boosting non-oil revenue sources.
The proposed budget bill is the second since the implementation of Iran’s seventh national development plan (2023-2027). In his address to parliament, President Pezeshkian emphasized inflation reduction as a primary objective of the budget. He highlighted that the formulation process was highly collaborative, involving extensive consultations with experts and parliamentary representatives. Ensuring compliance with the seventh development plan has been prioritized in the bill, underscoring the administration's commitment to economic stability and inflation control in the upcoming year.
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