The Iranian Parliament on Sunday stipulated that the share of the National Development Fund (NDF) from the country’s oil and gas export revenues in the budget bill for the next Iranian year (starting March 21) would be 38 percent if crude oil exports surpass one million barrels per day (mbd).

The Iranian Parliament on Tuesday approved the outlines of the national budget bill for the next Iranian year, which starts on March 21.

The Iranian administration submitted a new bill on the next year’s national budget to the Parliament on Monday, two weeks after the lawmakers rejected the first one.

Iranian President Hassan Rouhani defended the government’s proposed budget bill for the Iranian year 1400 after the country’s Parliament rejected the draft state budget on Tuesday.

President Hassan Rouhani on Tuesday warned against modifications in the general outlines of a draft state budget of about $33.7 billion for the next Iranian calendar year, which begins on March 21.

As Indian Finance Minister Nirmala Sithraman started her Budget 2021 speech in parliament, Twitter users were predictably busy churning out memes. On Twitter, the hashtag #Budget2021 trended high as some users flooded the microblogging platform with memes and jokes after each announcement and others discussed the Budget. Sithraman said the Budget was prepared in circumstances like never before and that the government was fully prepared to back and facilitate a reset of the economy. This year, amid the coronavirus pandemic, the Budget was paperless. Instead, Finance Minister Nirmala Sitharaman was seen carrying a tablet in a red sleeve this morning, with reports stating that the device is a "Made in India" product.

India is unveiling a new budget on Monday committed to higher spending to revive growth, blowing out the fiscal deficit wider than expected as the government of Prime Minister Narendra Modi seeks to spend its way out of the pandemic-induced slump.

Brazil’s government under President Jair Bolsonaro is proposing the smallest budget for environmental protection in at least 13 years despite soaring destruction of the country’s Amazon rainforest, according to data from non-profit Contas Abertas.

Iran's Parliament lowered the government's oil export target from 2.3 million barrels per day (mbd) to 1.5 mbd to manage expectations.

National Desk

Vice President for Parliamentary Affairs Hossein-Ali Amiri submitted the draft of the national budget bill for the next Iranian year to Parliament on Wednesday.

The head of Iran’s Plan and Budget Organization (PBO) said on Wednesday that his organization is considering $40 per barrel of oil for preparing the national budget bill for the next Iranian year (starting March 21, 2021).

Iran’s Parliament speaker described petrodollars as an unreliable source of income, calling for a budget reform plan with new sources of revenue.

Iranian President Hassan Rouhani said that the main goal of the national budget bill for the next Iranian year (to start March 21, 2021) is to downsize the government and cut the direct dependence on oil revenues.

The Australian government said on Sunday it will earmark an additional A$1.2 billion ($859 million) in wage subsidies in the 2020/21 budget and that its frameworks assume that there will be a novel coronavirus vaccine next year.