BREAKING NEWS

Parliament rejects Iran subsidy cuts proposals

By REUTERS

MAY 6, 2012 13:45

DUBAI - A committee of Iranian lawmakers has rejected a government plan to increase prices for subsidized food and fuel in a move that threatens to derail a drive to rein in the country's sanctions-squeezed budget, Iranian media reported late on Saturday.

International sanctions imposed over Iran's nuclear program have sharply reduced the amount of money Tehran earns from oil, upping pressure on President Mahmoud Ahmadinejad to push through cuts in government spending worth tens of billions of dollars by scaling back subsidies for the population.

But a parliamentary committee examining this year's budget - which the overall parliament has yet to approve - rejected the size of the proposed cuts, setting the stage for a possible compromise deal that may force the government to sign up to far less ambitious cost-savings.

"The Majlis (parliament) may agree to raise energy prices to some extent, but far less than the administration has requested," the parliament's Integration Committee said, according to the Mehr News agency.

Egypt "deeply concerned" over Iran-Israel escalation - statement

By REUTERS

04/19/2024 11:45 AM

Defense Ministry to double monthly compensation for families of hostages

By YANON SHALOM YITACH

04/19/2024 11:29 AM

Two people detained in Poland on suspicion of attacking Navalny aide

By REUTERS

04/19/2024 11:06 AM

EU Commission President calls on Israel, Iran to refrain from escalation

By REUTERS

04/19/2024 11:00 AM