Iranian President Hassan Rouhani submitted a $337 billion draft budget to parliament that earmarks about $100 billion for public service programs that would create jobs, address a banking crisis and introduce a new social security program.
Rouhani told lawmakers that the budget was based on oil prices forecast at $55 a barrel, according to an advance text of the speech, delivered on state TV. He said banks need to “withdraw from business dealings” and return to traditional lending services, and pledged more than $3 billion to shore up the sector, which has been beset by bad loans and unauthorized credit lenders.
The draft, which is to be debated, revised and approved by lawmakers, is for the new Iranian year starting March 21. It introduces significant increases to various fees and duties including car registration and the departure tax.