Iran's parliament has approved the general outline of the national budget bill for the upcoming Iranian calendar year 1404, which begins on March 21, 2025.
In an open session on Tuesday, 146 out of 249 lawmakers present voted in favor of the proposed budget’s framework, Tasnim News Agency reported.
The bill, submitted by President Masoud Pezeshkian on Oct. 22, outlines a budget of approximately 64.76 quadrillion rials (about $98.5 billion at the free market rate of 650,000 rials).
The budget allocates around 59.876 quadrillion rials ($92.116 billion) in public resources, with anticipated revenue from oil, gas, and petroleum products at 21.07 quadrillion rials ($32.415 billion), reflecting a 32% increase over last year.
Oil production is forecasted at 3.75 million barrels per day, with an average sale price of €57.5 per barrel. Projected tax revenues stand at 17 quadrillion rials ($26.153 billion), marking a 39% increase from the previous budget.
This budget bill represents the second fiscal plan developed under Iran's seventh national development program (2023-2027).
“This budget is the product of extensive discussions aimed at ensuring precise adherence to the seventh development plan,” President Pezeshkian stated, emphasizing the administration's commitment to executing the plan effectively.
In his remarks, Pezeshkian underscored inflation reduction as a top priority and highlighted the bill's formulation through consultations with leading experts and parliament members.