Iran’s president on Dec. 12 presented his budget bill for the next Iranian year (beginning March 21, 2022) to the parliament, underlining that “production and employment are the pivots.” Expectations were high as it is Ebrahim Raisi’s first annual budget since taking office in early August. The conservative-dominated parliament on Jan. 9 approved the general outlines of the bill, with discussions on the details set to continue.

According to the figures released by the government, the “general state budget” for the next Iranian year amounts to 36,310T IRR. At the proposed base exchange rate of 230,000 IRR per greenback, this amounts to 157.9B USD. The figure includes the budgets of state-owned enterprises, through which a multitude of government affairs are run. In contrast, the “general budget” covers only the government’s own revenues and expenses.

Below are key aspects of the proposed budget framework compared with the current Iranian year (ending on March 20, 2022)...