Iran's draft fiscal budget targets 8% growth – president

DUBAI (Reuters) – Iranian President Ebrahim Raisi presented a draft fiscal budget on Sunday that targets an 8% economic growth in the next Iranian year which starts on March 21.

“The growth projects include 4.5% in investment growth and 3.5% in productivity growth,” Raisi told parliament in a speech carried live on state television. He did not give a total figure for the budget.

The draft budget for the new Iranian year that starts on March 21 is based on 1.2 million barrels per day in oil exports, the official IRNA news agency said.

The selling price of Iranian oil has been projected at $60 in the draft budget, it added.

The semi-official Tasnim news site said the draft budget allocates about $5 billion dollars to strengthen Iran’s defence program.

The Institute of International Finance (IIF) said in a report in June that Iran’s economic recovery is likely to be modest should it revive a 2015 nuclear deal with world powers without expanding the scope of the pact.

Iran and world powers are negotiating in Vienna to reinstate the nuclear agreement, which Washington abandoned three years ago and reimposed sanctions that have crippled Iran's economy.

The draft budget has to be passed by parliament and approved by a clerical body that vets legislation before it becomes law.