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Iran prepares for second stage of subsidy cut

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Iranian government prepares for the second phase of the cut in subsidies which firstwas launched in November 2010, Iranian media reported Tuesday.

The news agency ILNA reported that the parliament in its open session has approved the revenue of $53.8 bn to be achieved by the government through cut in subsidies paid on energy carriers.

Based on the budget law every Iranian will receive IRR 55100, equivalent to $33 at free market exchange rate which will be $12 less the amount paid in the first phase of the economic reform.

ILNA also adds that the amount of the revenue could be hypothetical since the revenue from the first phase was predicted at $54 bn but only $22 bn was materialized, thus the government was forced to cover the cash compensation on the people from other sources such as loans from the Central Bank and revenues from crude sale.

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