Iranian President Hassan Rouhani announced on Sunday that the nation will reduce its dependence on oil revenue that has been crippled by US Sanctions and will also benefit from a loan from Russia worth US $5 Billion. This announcement was made as part of the budget.
Rouhani said:” The budget sends a message to the world that despite the sanctions, we will manage the country” at the opening session of the parliament.
He further added that the budget will counter “maximum pressure and sanctions by the US”.
The next fiscal year begins from March 20th. Analysts have said that the new budget is set to be US $40 billion, some 20% higher than in 2019. This fiscal stimulus is being used even as Iran’s inflation rate has touched 40%. The Russian aid is expected to ease the suffering of the masses.
The economy has suffered massively ever since US President Donald Trump announced his nation’s withdrawal from the 2015 nuclear agreement with Iran and five other nations and re-imposed sanctions.
Recent protests over fuel price hike has resulted in the death of more than 300 people till date.