Iran’s Guardian Council this month approved the three-month budget after requesting amendments from the Iranian parliament to include an expenditure allocation for the June 2013 presidential elections. But the outlook for the new year 1392 starting on 21 March 2013 is gloomy, given the political and economic uncertainties ahead, according to Iranian observers.

The short-term budget authorizes the spending of IR450,000bn ($36.7bn at $1=IR12,260) in the first quarter of the Iranian year (21 March-20 June 2013). It will also allow the government to continue working on the basis of the previous year ending on 20 March while the deputies discuss the full year spending proposals (MEES, 15 March). (CONTINUED - 730 WORDS)