Iran Press/Iran news: "We should pursue the policies of Resistance Economy, decrease oil revenues in public budget, reduce costs and bolster investment and employment to tackle the foreign pressures," Ali Larijani said at 7th conference on research role in passing laws in Iran's Parliament.
"Iran should restructured its budget in such a way as to shield the economy from oil price volatility," parliament speaker added.
He noted, "Research-Based decision making should be at the heart of steps to fight US sanctions on Iran."
The budget bill for the next Iranian calendar year that begins on 21 March 2019 has been submitted to the Parliament.
The next year's budget is 12% more than the budget for the current Iranian year (21 March 2018-2019), and it would envisage a total spending of around 433 quadrillion rials ($103 billion) from various sources including taxes, divesting state-run shares and selling oil.
The developers of the bill had in mind some major points including reducing the pressure posed by US sanctions on Iranians’ lives, supplying basic goods, and paying a specific attention to domestic production and job creation.
Two members of the Iranian parliament (Majles) said a closed door session of the Majles has decided on Sunday December 16 to deposit only 10 percent of the country's oil revenue into the National Development Fund rather than the 34 percent required by law.
Next year’s 4,330,000 billion rials (about $76 billion) budget is drawn based on selling one to 1.5 million barrels of oil per day (One million barrel less than the figure in the current year's budget bill) at a projected price of $54 per barrel (a dollar less than the price in this year's budget), but all this may change as a result of future developments and the way US sanctions affect Iran's oil exports.
US President Donald Trump withdrew in May from a 2015 deal in which his predecessor and five other world powers granted sanctions relief to Iran in return for a freeze on its sensitive nuclear activities.
Under the re-imposed energy sanctions, the Trump administration has threatened to penalize any entity that buys Iranian oil and gas. But Washington forced to give eight of Iran's biggest energy customers, among international governments, another six months to reduce Iranian energy imports to zero. 101
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