Ahmadinejad submits 89 bn dollar Iran budget | world | Hindustan Times
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Ahmadinejad submits 89 bn dollar Iran budget

world Updated: Jan 27, 2009 18:23 IST

Iranian President Mahmoud Ahmadinejad on Tuesday submitted to parliament an $89 billion government budget for the year to March 2010 amid low global oil prices and high domestic inflation.

The budget is based on a global oil price of $37.5a barrel, sharply lower than the high of nearly $147 seen in the middle of last year.

Iran, the world's fourth largest producer of oil, depends heavily on oil revenues for government spending.

"Considering today's global economy, we sought to plan a budget with less government dependence on oil resources and if there is a rise in energy prices next year, the extra income from oil sales will be invested in infrastructure and construction projects," official news agency IRNA quoted Ahmadinejad as saying in his budgetary proposal.

The budget debate in parliament will be on February 28, the agency added.

The government's budget does not take into account the expenditures and receipts of state-owned companies.