Iran submits first budget since US sanctions were restored

TEHRAN, Iran — Iran’s president submitted next year’s budget to parliament on Tuesday, the first since the United States restored sanctions that had been lifted under the nuclear deal.

The $47.5 billion budget is less than half the size of last year’s, mainly due to the severe depreciation of the local currency following President Donald Trump’s decision to withdraw from the 2015 nuclear deal with world powers. The Iranian rial has fallen from around 42,000 to the dollar a year ago to around 100,000 today.

The government plans to fund 35 per cent of the budget with oil revenues, projecting exports of up to 1.5 million barrels a day at a maximum of $54 a barrel.

The opaque budget bill did not include a projected deficit or a reference to military expenditures. Earlier this month, Iranian Foreign Minister Mohammad Javad Zarif said Iran spends less than $16 billion on its armed forces.

The U.S. restored tough sanctions on Iran’s vital oil industry in November, but granted waivers to a number of nations allowing them to continue imports in exchange for commitments to reduce them over time.

President Hassan Rouhani said the sanctions have hurt Iran but will not bring the Islamic Republic “to its knees.”

He said the sanctions will mainly harm Iran’s economic development and its poorer citizens. The government is allocating $14 billion to import medicine, medical equipment and other necessities, slightly more than the $13 billion allocated last year.

Lawmakers interrupted Rouhani’s speech on two occasions to protest the government’s water policies. Iran is suffering from a decade-long drought, and water shortages have sparked protests over the past year.

The budget will be subject to changes during a parliamentary review lasting more than a month. The final bill must be approved by a clerical council.

Just Posted

Red Deer loses out on funding for addiction clinic

$8 million divided among eight communities

Social media furor forces cancellation of Blackfalds school dance

Wolf Creek Public Schools cancelled a school family dance this week after… Continue reading

‘Things haven’t changed enough.’ Polytechnique anniversary prompts reflection

MONTREAL — There were promises to end violence against women and solemn… Continue reading

More residential snow plowing urged in Red Deer

New proposed plowing protocols to be presented to city council Monday

Fashion Fridays: Ethical and sustainable gifts for the season

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Your community calendar

Tuesday The Central Alberta Council on Aging will hold its Christmas General… Continue reading

‘Things haven’t changed enough.’ Polytechnique anniversary prompts reflection

MONTREAL — There were promises to end violence against women and solemn… Continue reading

Appeal denied: Man who killed couple, their grandson wanted conviction quashed

CALGARY — Alberta’s top court has upheld the conviction of a man… Continue reading

Central Alberta high school football leagues hand out annual awards

The high school football season officially concluded with the annual all-star banquet… Continue reading

Let’s cancel ‘OK Boomer’ in 2020, and the humblebrag, too

NEW YORK — Either loudly sing your own praises or don’t in… Continue reading

Officials list pot vape brands reported in US outbreak

NEW YORK — Health officials investigating a nationwide outbreak of vaping illnesses… Continue reading

Nine Lessons and Carols concert performed Monday in Red Deer

There’s no admission charge to the event at Gaetz Memorial United Church

How to put a stop to bullying

In the years since he left school, Tad Milmine has become interested… Continue reading

Most Read