Iran government approves plan to restructure budget under US sanctions
The restructuring comes after the US reimposed economic sanctions on the country’s vital oil and banking sectors, reducing Tehran’s petrodollars.
The Iranian government approved on Saturday the totalities of a plan to restructure the fiscal budget to bring the revenues and economic policies in line with its “resistance economy” that is meant to work as cushion against the US economic pressures.
The plan is comprised of four parts, that is, “sustainable revenue resources”, “effective expenditure”, “promoting stability, development and justice” as well as “fundamental modifications of budgetary system”.
The plan was generally approved by the Supreme Council of Economic Coordination, a supervisory governmental body, presided by Iranian President Hassan Rouhani.
The modifications are aimed at reducing the country’s dependence on petrodollars, promoting economic stability under the umbrella term “resistance economy”, ordered by Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei.
The council will later study the priorities. Iran is pressing to reduce its dependence on oil sales, especially after the US reimposed sanctions on the country last year.
Back in May, the Iranian leader urged the government to modify the country’s banking system as well as its budget to reduce dependence on oil revenues and strengthen the economy in the face of US unilateral sanctions.
“Restructuring the budget that the parliament and government are supposed to carry out in the first four months of the year (20 March-20 June) as well modifying the banking system are the two main things that need to be done,” Iran’s Islamic Revolution Leader Ayatollah Ali Khamenei said on Tuesday, addressing heads of the country’s executive, judiciary, and legislative branches as well as other senior officials, parliamentarians, and important figures in the country’s political, social, and cultural spheres.
source: ICCIMA
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