Iranian economy booming under sanctions: Ahmadinejad

November 24, 2010

ZANJAN, Zanjan Province - President Mahmoud Ahamdinejad has said Iran’s economy is booming, although the country is under four rounds of sanctions.

Ahmadinejad made the remarks in the northwestern city of Zanjan on Tuesday in response to claims by certain foreign media outlets that Iran’s subsidy reform plan will not benefit its people because the country is under sanctions.
The subsidy reform plan envisages a cutting of subsidies on fuel, electricity, and certain goods over the course of five years. The administration has decided to pay cash subsidies for an undecided period of time to compensate low-income families for the inflationary repercussions of the plan. The government has announced the main stage of the plan will go into force in the Iranian calendar month of Azar, which began on November 22.
“They (the West) say we have imposed sanctions on Iran and in sanctions situation, it (the subsidy plan) will not benefit Iran, while I tell them that Iran’s economy is growing but when you (the West) disagree, it is clear that this plan will benefit Iran’s people,” he stated.
He went on to say that more details of the subsidy plan will be announced in the near future.
Elsewhere in his remarks, Ahmadinejad said the U.S. and certain Western countries are making efforts to use other countries’ wealth to compensate for their own financial shortfalls