Iran’s president says his country will depend less on oil revenue next year, in a new budget that is designed to resist crippling U.S. trade embargoes.
Iranian President Hassan Rouhani speaks while submitting next year's budget bill to the parliament in Tehran, Iran, Sunday, Dec. 8, 2019. Rouhani said his country will depend less on oil revenue next year, in a new budget that is designed to resist crippling U.S. trade embargoes.
Iran is in the grips of an economic crisis. The U.S. re-imposed sanctions that block Iran from selling its crude oil abroad, following President Trump’s decision to withdraw from Tehran’s 2015 nuclear deal with world powers. He said the U.S. and Israel will remain “hopeless” despite their goal of weakening Iran through sanctions.
The next Iranian fiscal year begins March 20, with the advent of the Persian New Year. The budget is set to be about $40 billion, some 10% higher than in 2019. The increase comes as the country is suffering from a 40% inflation rate.
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