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Iranian President declares reduced foreign currency expenditure

Tehran, Jan 21, IRNA -President Mahmoud Ahmadinejad here Sunday pointed to the concern among lawmakers on the growing reliance of the general budget on oil revenues and said that the foreign currency spending in the budget for the current Iranian year (started March 2006) was dlrs 38.192 billion and this figure will be reduced to dlrs 29.555 billion in the next budget.

The president said that in next year's budget, expenses have been cut by 5.6 percent and as far as consumption is concerned the government has introduced an austerity package.

"The ratio of non-oil revenues in the general budget is to increase from 37.2 percent in the current year to 44.7 in the coming Iranian year," he added.

The chief executive said that the ratio of non-oil revenues in the expenses, which was 59.6 percent in the current year will also rise to 74.7 percent.

"We are gradually moving towards the goal of meeting the current expenses from internal resources," said Ahmadinejad.

He said that the ratio of oil revenues in the country's general budget will be reduced from 58.3 percent in the current year to 42.9 percent in the coming year.

"The ratio between current and consumer expenditures in the entire budget will drop from 62.7 percent in the current year to 57.1 percent in the coming year. Meanwhile, ratio of development expenses will increase from 27.2 percent to 28.5 percent," he added.

Ahmadinejad said that the ratio of development expenses in the current expenditure will increase from 42 percent in the current year to 50 percent in the coming year.

Putting the general budget of the current year at 591,520 billion rials, he said that next year's budget has increased to 612,640 billion rials.

Turning to the declining trend of oil price on world markets, he said that its future position is unpredictable.

"Most probably, the enemies may harm us by reducing oil price, given their failure in doing so through anti-Iran resolution.

"We have reduced hard currency component in the budget and each barrel of oil was calculated at dlrs 44.1 in the current year whereas next year calculations will be made at dlrs 33.7 per barrel, which is a major development," said the president.

Addressing the enemies, he said that even if they reduce the oil price, Iran will go ahead with its policy, the current affairs will continue and the goals of relevant plans will be achieved.

President Ahmadinejad announced the exchange rate of dollar into rial in the next budget at 8,900 rials.

He noted that the structure of next year's budget is rapidly approaching the goals of the national development plan.

... Payvand News - 1/21/07 ... --

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