BREAKING NEWS

Iran parliament votes to halt subsidy reform plan

By REUTERS

OCTOBER 7, 2012 12:01

DUBAI - Iran's parliament voted on Sunday to suspend plans for further reform of the country's food and fuel subsidies, with legislators citing economic pain caused by the plunge of the rial currency, Iranian media reported.

Subsidy reform has been a centerpiece of the economic policies of Iranian President Mahmoud Ahmadinejad, so parliament's vote was a political blow to the president at a time when he faces growing public discontent over the rial's slide.

Of 240 members of parliament present, 179 voted for a bill halting the second phase of subsidy reform, while 17 voted against the bill and 20 abstained, according to the Iranian Labour News Agency (ILNA). Final details of the bill must still be approved by parliament, ILNA reported.

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