Iranian President Mahmoud Ahmadinejad speeches at the parliament in Tehran, Iran, Wednesday, Jan. 16, 2013. Ahmadinejad admitted Wednesday that sanctions have slowed down Iran's growth and disrupted its foreign trade and said the country has to stop relying on oil revenues in state budget to overcome sanctions. (AP Photo/Vahid Salemi)
Iran draft budget reduces reliance on oil
Published: 07:24:52 PM, Sat 23 February 2013 UTC
TEHRAN, Iran (AP) — Iran says its proposed national budget greatly reduces the country's reliance on oil revenues that are down because of Western sanctions over Iran's nuclear program.
President Mahmoud Ahmadinejad said in a televised speech late Saturday that his government will seek to compensate the fall in oil revenues by cutting spending and increasing taxes in the next Iranian calendar year, which begins March 21.
Iran has long depended on oil sales for about 80 percent of its foreign currency revenue.
Iran's income from oil and gas exports has dropped by 45 percent as a result of sanctions.
The West fears Iran may ultimately be able to develop nuclear weapons, a charge Tehran denies.
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