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DUBAI: Iranian President Ebrahim Raisi presented an upbeat state budget on Sunday that aims for 8% economic growth and increased crude oil sales of 1.2 million barrels per day (bpd) despite continued U.S. sanctions.

World powers and Iran were locked in talks this week on reviving their 2015 nuclear deal and lifting U.S. sanctions, with Britain and Germany warning that time may be running out. Iran’s top budget official has said the fiscal plan for the next Iranian year which starts on March 21 was drawn up on the assumption that the U.S. sanctions would continue.

“The growth projects include 4.5% in investment growth and 3.5% in productivity growth,” Raisi told parliament, presenting the draft budget based on 1.2 million bpd in oil exports projected at a price of $60 per barrel, according to state media.

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