DUBAI (Reuters) – President Hassan Rouhani presented an annual state budget of 4,700 trillion rials ($47 bln at the free market rate) to parliament on Tuesday, saying U.S. sanctions would affect Iranians’ lives and growth but not bring the government to its knees.

“America’s goal is to bring Iran’s Islamic system to its knees… and it will fail in this, but sanctions will no doubt affect people’s lives, and the country’s development and economic growth,” Rouhani told parliament in a speech carried live on state television.

He gave the value of the draft budget at about 4,700 trillion rials for the next Iranian year which starts on March 21, 2019.