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Iran's Rouhani pins economic hope on oil, taxes

Iran's Rouhani pins economic hope on oil, taxes
Iranian President Hassan Rouhani submits his budget to the Iranian parliament in Tehran, Iran on December 8, 2013. UPI/Maryam Rahmanian | License Photo

TEHRAN, Dec. 9 (UPI) -- Iranian President Hassan Rouhani pegged economic recovery in the country on greater activity in the oil sector and increased tax revenues.

Rouhani submitted a $7.8 billion general budget to the Parliament Sunday

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"Getting out of the status quo requires undertaking measures to push [the country] out of stagnation and adopting policies to contain inflation," Rouhani was was quoted as saying by the Iranian Oil Ministry's news website. "Therefore, we have tried to increase the general budget's resources and to that effect we have put higher oil and tax revenues on the agenda."

Iran's economy is struggling to cope with Western sanctions designed to starve it of oil revenue it could use to finance a controversial nuclear program, which Iran says is for peaceful purposes.

Rouhani vowed to reverse the course set by his predecessors when he took office in August.

Iranian Oil Minister Bijan Zanganeh said last week a new budget would be based on oil exports of 1.2 million barrels per day.

Iran was exporting about 2.5 million barrels per day before the Western sanctions took effect in 2012. Zanganeh said his country would have "no problem" reaching the 4 million barrel per day mark if sanctions are lifted.

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Iran secured some relief from sanctions in exchange for nuclear concessions during multilateral talks in Geneva, Switzerland, last month.

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