Mahmoud Ahmadi-Nejad, Iran’s president, on Tuesday presented a shrinking budget bill to parliament, taking into account the dramatic decline in the country’s oil revenues.
The bill for next year’s budget, starting March 20, amounted to 2,827,000bn rials ($287bn, £203bn, €218bn). That was 2.5 per cent lower than the approved budget for the current year, a rare instance in Iran’s recent history of a budget decline.
“The budget shows discipline and takes into consideration the conditions in today’s world economy and drop in oil revenues,” said Mr Ahmadi-Nejad, who is expected to seek re-election in June’s presidential election.
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