Iranian president Mahmoud Ahmadinejad said crude oil revenue has dropped because of international sanctions.
“The country will try to compensate for the decline in oil revenue by cutting spending and increasing taxes in the next Iranian year,” Ahmadinejad said in a speech aired on state television yesterday.
“This was a difficult year for our economy,” he said.
Ahmadinejad said he will present the budget for the next Iranian year, which begins March 21, to parliament on Feb. 27.
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