Govt Submits 7,830b Rial Budget Bill To Majlis

Tehran, Dec 9, IRNA – President Hassan Rouhani on Sunday submitted the 7,830 billion rials budget bill to Majlis, which shows a 6-percent growth in volume compared to the last years budget. The document, if endorsed by Majlis, will set aside 35 billion dollars in finance for the technically, economically, financially and environmentally justifiable projects. Under the bill, the government will be allowed to issue 12.5 billion euros in contribution bonds or Islamic Sokuk term to finance oil, gas, oil refining and distribution, petrochemical, IDRO and IMIDRO projects with the oil ministry alone having a share of nine billion euros of the total finances. The bill gives a share of 1.5 billion euros to state-owned companies, five billion euros to National Iranian Oil Company, one billion euros to the National Iranian Gas Company, one billion euros to National Iranian Oil Products Distribution Company (NIOPDC), and two billion dollars to National Iranian Petrochemical Industries Company. Furthermore, two billion euros worth of contribution bonds will be issued for the half-finished projects of the IDRO and IMIDRO companies and the industrial and transportation companies affiliated to the defense ministry. Oil ministry alone will issue nine billion euros worth of participation bond for next year./end