An open session of the Iranian Parliament (Majlis) on Sunday approved the outlines of the budget bill of the country for the next fiscal year to start on March 21.
Out of the total 235 lawmakers present at the session, 169 voted in favor of the budget bill, 54 voted against it, with 7 abstentions.
President Ebrahim Raeisi was also present at the session where he defended the outlines of the budget bill.
Submitting the draft budget to the parliament on January 11, President Raeisi said that his government would seek to control inflation and boost economic growth in Iran in the next fiscal year.
Reports in local media said the budget would be worth some 52,616 trillion rials, or nearly $130 billion at the free market rate. The figure is an increase of nearly 40% in rial terms compared to the current fiscal year’s budget.
It includes over 30,000 trillion rials of finances that will be allocated to Iran’s state companies, including major firms in the country's massive petroleum and metals sectors.
The budget sets a target of 1.4 million barrels per day in oil exports for Iran in calendar year 1402, a slight increase from targets defined in current year’s budget and a sign that the country is confident of its continued oil sales despite US sanctions targeting its economy.
Sources close to the parliament said that the budget has been compiled based on an average price for oil of $80 per barrel.