0852 GMT January 29, 2020
President Rouhani submitted the bill to the parliament on Sunday and said curbing inflation is the top priority in his administration’s proposed budget for the next fiscal year. Press TV reported.
“I once again explicitly announce that the [current] administration considers cutting inflation among its great achievements and is resolute to safeguard this great accomplishment, therefore the next year’s budget bill has been drafted with the aim of controlling inflation,” he said.
Rouhani said his administration seeks to maintain the current declining trend of money supply in the country in the coming years in an effort to help rein in inflation.
He said curtailing inflation is key to putting an end to stagnation and paving the way for economic prosperity.
According to the president, the Islamic Republic is expected to witness an inflation rate below 20 percent at the end of the current fiscal year in March.
Rouhani also said Iran is poised to increase non-oil imports to help boost economic growth in the wake of falling oil prices.
The total budget figure for the next Iranian year stands at around USD 311 billion or IRR 8,380 trillion (USD 1= IRR 26,936). The budget bill for the next year is 4.3 percent higher than that of the current year.
Lawmakers will have ten days for deliberations on the bill within the framework of subcommittees of the Majlis.
The subcommittees will review lawmakers' suggestions and finalize a report to a parliamentary ad hoc committee reviewing the budget within 15 days.
The committee should discuss the budget bill within 15 days and provide its final report for a second reading in the open session of Majlis.
Lawmakers will then discuss the final bill. If approved, the budget bill will then be sent to the country’s Guardian Council, whose approval is needed for the bill to be signed into law.