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. It did not say whether it projects a deficit.

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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Central Alberta woman receives North American award for leading Red Deer Regional Health Foundation

Manon Therriault at the Red Deer Regional Health Foundation has always embraced… Continue reading

Families displaced after Red Deer fire Sunday

A structure fire displaced two families in north Red Deer Sunday morning.… Continue reading

End of CERB means uncertainty for some, new system for others

In its place is employment insurance, which the government says the majority of people will go on

The latest numbers on COVID-19 in Canada for Sept. 27

The latest numbers of confirmed COVID-19 cases in Canada as of 4:00… Continue reading

WE Charity controversy prompts examination of group’s overseas footprint

On Sept. 9, WE Charity said it would wind down its Canadian operations

QUIZ: Do you know what’s on TV?

Fall is normally the time when new television shows are released

Nearly 1M who died of COVID-19 also illuminated treatment

The nearly 1 million people around the world who have lost their… Continue reading

Toronto health officer closes 3 restaurants as result of COVID contact tracing

Toronto’s top public health official has ordered the closure of three downtown… Continue reading

Canadian ski resorts wrestle with pandemic-vs.-profit dilemma as COVID-19 persists

CALGARY — Canadian ski resort operators planning for a season that begins… Continue reading

Tenille Townes, Dean Brody and Brett Kissel top nominees at tonight’s CCMA Awards

OTTAWA — Tenille Townes could be lined up for some major wins… Continue reading

Horgan, Wilkinson trade barbs over MSP premiums, health care at campaign stops

TERRACE, B.C. — Health care in the era of COVID-19 took centre… Continue reading

Watchdog to investigate fatal Winnipeg crash that sent two kids to hospital

Winnipeg police say a woman has died and five others — including… Continue reading

The ‘relentless underdog’: Green Leader Sonia Furstenau ready for uphill battle

Green Leader Sonia Furstenau was driving Monday when she turned on the… Continue reading

Mi’kmaq power, inside and beyond Ottawa, stronger than in past fishery battles

HALIFAX — When Jaime Battiste was in his early 20s, cable news… Continue reading

Most Read