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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Iranian leader presents bill to cut subsidies By ALI AKBAR DAREINI,Associated Press Writer AP - Wednesday, December 31 TEHRAN, Iran - Iran's president presented parliament with a sweeping economic package Tuesday that calls for scrapping costly state subsidies for fuel, water and electricity and raising taxes to make up for the steep slide in world oil prices. The move is a risky one for President Mahmoud Ahmadinejad, who already is facing public disenchantment over Iran's economic problems as he heads into June elections. Economists have warned that his plan will push up prices, worsening inflation now running at 28 percent. Ahmadinejad had warned of the need for such a plan in early December, when he acknowledged publicly for the first time that tumbling oil prices were hurting the country, the world's fourth largest petroleum exporter. The government budget is largely financed by foreign oil sales and his spending plans have been undercut by the plunge in price from $147 a barrel in July to under $40. Ahmadinejad says Iran has no alternative but to end government subsidies that keep prices for gasoline, water and electricity artificially low. He said that to compensate for the price rise, the government would use up to 60 percent of its savings to fund cash stipends for needy Iranians. "Collapsing oil prices encourage us to quickly implement the bill," he said. "The time has come to make this decision." Lawmaker Kazem Delkhosh said the 290-seat parliament is expected to vote on the proposal within a month. Delkhosh argued that the subsidy system is not sustainable, saying that Iran, with a population of 70 million, is consuming as much energy as China's 1.1 billion people. But lawmaker Emad Hosseini criticized the bill, arguing it would damage Iran's major industries, which are dependent on cheap energy. The proposal "will cause widespread unemployment, bankrupt big industries and reduce the purchasing power of the people," he said. Ramin Pashaifam, a central bank official, warned that the bill could push up the inflation rate to between 40 percent and 55 percent. Another sore point in the proposal will be its call for a sales tax. In September, merchants closed their shops to protest a new sales tax and the unrest forced Ahmadinejad to order the government to suspend the levy. Strikes are a concern to Iranian authorities. A series of merchant strikes helped incite popular unrest that eventually led to the 1979 Islamic revolution that toppled the shah. The recent discussions have been a blow for Ahmadinejad, who long sidestepped Iran's unemployment and inflation when discussing the economy and instead took shots at the United States, which he accused of exporting financial problems to the rest of the world. Ahmadinejad was elected in 2005 on a populist platform that promised to share Iran's oil revenues with every family, eradicate poverty and lower unemployment. But his popularity plunged as inflation and unemployment rose. Official statistics put Iran's unemployment rate at 10 percent, but experts estimate it is really about 30 percent. Potential candidates in the June presidential election _ particularly former nuclear negotiator and moderate conservative cleric Hasan Rowhani _ have seized on Ahmadinejad's vulnerability, noting that Iranians are poorer and the economy is suffering. They and other critics have accused Ahmadinejad of squandering the opportunity presented by soaring oil prices over the past three years and failing to use the higher revenues to insulate Iran for tougher times. The president has also drawn criticism for his hard line on the standoff with the U.S. and other major international powers over Iran's nuclear program, which has contributed to the country's isolation. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Hundreds in Mich., NYC protest strikes on GazaAP - 23 minutes ago December consumer confidence drops to all-time lowAP - 35 minutes ago Lawyer in Alamo case: Bible no defense for abuseAP - 44 minutes ago Not so fast: Senate has a say on Obama's successorAP - 44 minutes ago Mexico, US set extradition records in 2008AP - 47 minutes ago Most Popular – World Viewed Actress Jennifer Aniston appears naked in GQ magazine Japanese tourist spends 3 months in Mexico City airport Two thousand and strange: offbeat stories of the year Natural disasters 'killed over 220,000' in 2008 US throws $6bln lifeline to GMAC View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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