Iranian parliament approves terms for $300 billion budget bill
Lawmakers approved the outlines of a nearly $300 billion budget bill Sunday. (AFP/Behrouz Mehri)
Iranian lawmakers approved the outlines of the nearly $300 billion budget bill with 154 votes in favor, 43 against and 13 abstentions, the Tasnim News Agency reported on Sunday.
The overall budget for next year shows a four percent growth compared with the current year’s budget.
Meanwhile, Iranian Parliament's Planning and Budget Commission spokesman Gholam Reza Kateb said that dependency on oil exports in the overall budget bill has dropped to 25 percent.
The budget for the current Iranian year relied on oil for over 30 percent of government revenues.
The Iranian government has been trying to increase non-oil exports in a bid to slash reliance on oil revenue.
The details of the bill will be debated by the Iranian lawmakers for coming weeks before being sent to the Guardian Council, whose approval is required for the bill to be signed into law.
The bill will be sent back to the parliament for amendments if it is voted down by the Guardian Council. In case the MPs insist on their own version, the top arbitration body Expediency Council will intervene.