Iran’s draft budget for 2019-20 points to reduced spending in real terms as US sanctions tighten.  

President Hassan Rohani says the draft budget will mitigate the effects of “cruel” US measures against Iran which will “fail to bring the country to its knees.” Iran’s ‘general budget’ as usual is balanced, at IR4,786trn ($82.5bn at the budget exchange rate of $1=IR58,000; around $43.5bn at the current market rate). This compares to...