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. Last Updated: 07/27/2016

Iran's Economic Plan

TEHRAN, Iran -- Parliament ended three weeks of debate on Iran's next five-year economic plan Sunday, but President Mohammad Khatami said he was not happy with some of the changes made by the assembly.

The parliament kept parts of the plan covering greater privatization and trimming of the state bureaucracy, but cut back proposals to ease heavy subsidies for fear of adding to existing economic hardship and provoking popular discontent.

The original plan, to begin in March 2000, had called for gradual market reform to put the economy on the path to recovery. The program still needs to be approved by the Guardian Council, which oversees the legislature in Iran.

The plan projects foreign revenues of $105.6 billion against outlays of about $112 billion on imports of goods and services. Iran hopes foreign loans and investments would help it make up the shortfall.