Posted by Dr. hassan Danesh on December 25, 19103 at 05:29:12:
Iranian President Submits 2004 Budget To Parliament
Tue Dec 23, 9:57 AM ET
TEHRAN -(Dow Jones)- Iranian President Mohammad Khatami (news - web sites) Tuesday submitted the government's budget bill for fiscal 2004, projecting a net total budget of 1070 trillion rials ($1=IRR8,400).
The Iranian fiscal year begins March 21.
Iran's budget bill comprises two parts, one for the general budget and another for state-owned organizations.
The 2004 plan allocated IRR510 trillion to the general budget, up 16.8% from the current year. State-owned organizations and banks have been allocated IRR685 trillion, up 23.4% on the current year.
Khatami didn't specify the expected total revenues or oil earnings in the coming year. However, a parliamentary source said the new budget has been calculated on an average oil price estimate of $19.50 a barrel. Oil income usually accounts for around 80% of the government's total revenue.
Iran is one of the Organization of Petroleum Exporting Countries' major oil producers, with a current OPEC (news - web sites)-assigned output quota of 3.597 million barrels a day.
Khatami said the government will attempt to complete unfinished projects over the coming year. Local media reported recently that about 10,000 development projects have been left incomplete this year because of a lack of funds.
The draft budget will need to be debated and approved by Parliament.
-By Hashim Kalantari, Dow Jones Newswires; 0098218966230