Iran turns to WB, IMF for economic help

October 11, 2015

TEHRAN - Iran asks the World Bank (WB) and International Monetary Fund (IMF) to help it expand its economy, Iranian Finance and Economic affair Minister Ali Tayyebnia stated.

Tayyebnia made the statement in the inaugural ceremony of the 2015 Annual Meetings of the World Bank and IMF in Lima, Peru on October 8, according to the Shana News Agency.

The official said expansion of Iran’s economy requires foreign direct investment and also transfer of technology.

A new chapter has been opened in Iran’s economic ties with the other countries, the official highlighted.

He mentioned strategic location, natural resources, educated manpower, large domestic market and proper infrastructures as just some of the advantages of Iran that make it a unique country in the Middle East for investment.

Cooperation with the international development institutes is the top priority for Iran in development of its economy, Tayyebnia stated.

Economy has been improved and inflation has been curbed in the country, he noted.

In its recent report, the World Bank has forecasted Iran’s gross domestic product will grow by 0.6 percent in 2015.
In its June 2015 Global Economic Prospects report, the World Bank said Iran’s economy expanded by 3.7 percent in 2014.  

In July 2014, Tayyebnia said the Iranian government will implement anti-recession programs until a single-digit inflation rate is achieved.  

Central Bank of Iran (CBI) aims to lower inflation to single digits by 2017 and spur economic expansion as a landmark nuclear deal with world powers rolls back global sanctions, Bloomberg reported in July 14 quoting Peyman Qorbani, the vice governor for economic affairs at the CBI.