Majlis Approves Budget

EghtesadOnline: Members of the Iranian Parliament agreed on a 12.17-quadrillion-rial ($269 billion) budget for the next Iranian year on Thursday with 148 votes in favor, 38 against and 3 abstentions.

News ID: ۷۴۵۰۳۴

24 February 2018

The budget now needs the verification of the Guardians Council before it becomes a law.

The 12-member council comprises clergymen and legal experts whose role it is to ensure that legislation passed by the country’s parliament complies with the Iranian Constitution and Islamic law.

The parliamentary approval puts the budget above the 11.94 quadrillion rials ($264 billion) proposed in the government's draft bill, according to Financial Tribune.

The total amount of general resources in the budget as approved by the parliament stands at 4.43 quadrillion ($98 billion), indicating a 4.13% rise compared with the government’s proposed bill of 4.24 quadrillion rials ($93 billion).

Government’s general resources consist of two sections: general revenues and revenues exclusive to ministries and governmental institutes.

General revenues approved by lawmakers is at 3.86 quadrillion rials ($85.5 billion), about 4.69% more than the figure proposed by the government; while revenues exclusive to ministries and governmental institutes saw a 0.37% rise compared to the government's original plan to stand at 570.73 trillion rials ($12.5 billion), IRNA reported.

Public companies, banks and for-profit institutes affiliated to the government will get 8.33 quadrillion rials ($184 billion) to finance their operations next year, as approved by the parliament.

The government’s proposed spending package was 8.13 quadrillion rials ($180 billion).

President Hassan Rouhani presented the budget bill for the fiscal 2018-19 to the parliament on Dec. 10, 2017.

Members of the special commissions of the parliament spent 15 days weighing the bill and put forward proposals and amendments to the Majlis Joint Commission, a legislative body responsible for reviewing budget bills as well as five-year development plans proposed by the government.

On January 30, parliamentarians approved the revised outlines and wrapped up work on sectoral details of the budget proposed by the commission on Thursday.