«International Monetary»: Iran is in need of a major economic restructuring to achieve growth


09-03-2016 07:17 PM

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Orbit News –

International Monetary Fund forecast on Wednesday that Iran has achieved significant economic growth over the next two years, but he stipulated that the implementation of significant reforms to continue and the pace of expansion.

The deputy director of the Middle East and Central Asia Department of the Fund Asim Hussain told a conference in London: «IMF forecast already heading to the extremely fast growth».

He Hussein that this rapid growth is expected during the next couple of years in particular, but Iran must take place «significant reforms in the structure of the economy» to continue this pace.

Fund predicted in January (last January) increase in GDP growth to what ranges between four and 5.5 percent in 2016 and 2017, and to four percent on average over the medium term in the event of increased oil production and return to the withdrawal of foreign assets, and reduce trade and financial transfers.

The Iranian government hopes to achieve an economic growth rate of eight percent in ten years.

The head of the Office of the Presidency of the Republic of Iran Mohammad Nahavandian today (Wednesday), said that the Iranian government hopes to increase economic growth to eight percent in the next ten years, adding that its political role in the region «vital».

He said in a speech to the conference organized by «Financial Times»: «predicted (IMF) growth rate for the Iranian economy in 2016 of between four and 5.5 percent and is expected to continue growth rate of between four and five percent in the foreseeable future».

He stressed that the government aims to achieve a growth rate of eight percent over the next ten years.
Nahavandian said: «Iran ‘s monetary policy during the past two and a half years were comfortable for the economy, and the country plans to expand areas such as car production, in addition to the oil and gas sector».

Referring to Iran ‘s role in Middle East politics, Nahavandian said: «No one can ignore the reality of Iran, and for peace and prosperity in the region should be in mind that Iran has a vital role».

The Iranian official said that his country is in talks about getting on the sovereign credit rating, adding that it wants to restore its stake in the oil market before participating in any talks regarding a possible cut or freeze production.

He said Nahavandian told «Reuters» on the sidelines of the conference in Iran: «We have negotiations with some of the credit rating agencies». When asked if he expected to get Iran to complete classification of these agencies Nahavandian said: «Yes».

The sovereign rating is a necessary first step for any state, so that they can borrow from the international capital markets.

In terms of oil Nahavandian stressed that Iran will increase its production , at least in the near term.

The «Iran regain market share , there is no doubt about it. If there was a decision will be made ​​(about production cuts) it should be taken by those who filled the void left Iran after sanctions. So on Iran regain its status it enjoyed and then will join the group (producers who are considering modifying the level of production set) ».

– See more at: https://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.almadarnews.info/index.php%3Fpage%3Darticle%26id%3D8154&usg=ALkJrhgDpwvJf9u7Sg4qJLkjMN7-JGd5lg#sthash.9JW9RHkv.dpuf


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