The general provisions of the government budget for the next Iranian calendar year, which begins on March 21, was approved by Parliament despite controversy over the price of oil and just how well the budget represents the “Economy of Resistance” advocated by Supreme Leader Ayatollah Khamenei.
Parliament approved the budget on Sunday February 15 with a vote of 152 in favour, 43 against and 13 abstaining.
What’s special about the new budget is its lowest-ever dependence on oil and petroleum revenues. The Rohani administration has referred to this as a positive aspect and an opportunity to wean the economy from its dependence on oil.
The budget is based on an average oil price of $72 a barrel; however, the price of oil has declined to $40 a barrel in recent weeks and Parliament had called earlier for $60 a barrel to be the basis of the new budget.
Parliament still has to approve the details of the budget before it can become official.
