EghtesadOnline: Tehran Mayor Pirouz Hanachi submitted the capital city’s budget for the next fiscal year (March 2019-20) to Tehran City Council on Sunday.
The budget stands at 189.3 trillion rials ($1.57 billion), which makes it 9% higher over the current year’s budget (March 2019-20).
"Given the country’s economic and fiscal situation and the fact that Tehran Municipality’s budget ceiling remained unchanged for the past three years, such a rise is highly plausible," Eskan News quoted Hanachi as saying.
“As per the budget proposal, public transportation will receive the highest increase in municipality’s public spending, which is about 30%. As we speak, the city needs 2,000 subway wagons and 3,000 buses. We’ll do our level best to use finance as a tool to promote growth in this sector."
According to Financial Tribune, Hanachi noted that the government has agreed to pay 22 trillion rials ($183 million) of its debts to the municipality.
On Jan. 30, Mohammad Alikhani, the head of Tehran City Council's Transportation Commission, said the government's total debt to the municipality is nearly 100 trillian rials (around $833 million).