Rouhani says Iran budget set to resist US sanctions by curbing oil dependence

Iranian President Hassan Rouhani gave the value of the draft budget at about 4,845 trillion rials (US$38.8 billion at the free market rate) for the next Iranian year which starts on March 20, 2020.
Iranian President Hassan Rouhani gave the value of the draft budget at about 4,845 trillion rials (US$38.8 billion at the free market rate) for the next Iranian year which starts on March 20, 2020.PHOTO: AFP

DUBAI (REUTERS) - Iranian President Hassan Rouhani presented a draft state budget of about US$39 billion (S$53 billion) to Parliament on Sunday (Dec 8), saying it was designed to resist United States sanctions by limiting dependence on oil exports, which Washington has targeted.

US President Donald Trump pulled the United States out of a multilateral nuclear deal with Iran last year and reimposed sanctions on Iran, focusing on its vital oil industry.

"This is a budget to resist sanctions ... with the least possible dependence on oil," Mr Rouhani told Parliament, according to state television.

He gave the value of the draft budget at about 4,845 trillion rials (US$38.8 billion at the free market rate or S$52.7 billion) for the next Iranian year which starts on March 20, 2020.