Economy, Business And Markets

Int’l Bodies Can Facilitate Economic Upliftment

Int’l Bodies Can Facilitate Economic Upliftment	Int’l Bodies Can Facilitate Economic Upliftment

A new chapter has opened in Iran's economic relations with the outside world and the long-awaited process would be facilitated with the aid and assistance of the world's top financial and lending institutions, the economy minister said on Friday.

Iran can be regarded as an emerging market given its economic capacities, Ali Tayebnia told the opening session of the annual meeting of the World Bank Group and the International Monetary Fund in the Peruvian capital Lima.

Referring to the abundant natural resources, educated workforce and strong infrastructure as some of the comparative advantages, he said Iran enjoyed a "unique status" among the Middle East nations.

Nevertheless, he stressed that "Economic development demands technology transfer, foreign direct investment and funding."  He called on the World Bank and other international development institutions "to give a helping hand to Iran, as a fully committed member of the World Bank and IMF, to achieve sustainable development."

Recalling the role and influence of the World Bank in financing development projects across the world, Tayebnia said, "After years of tension between Iran and the organization due to the international sanctions regime, it is high time Iran has access to the financial assistance of international development banks" which he considered a priority for Tehran.

Christine Lagarde, managing director of the IMF, also said on Thursday that the lifting of sanctions against Iran will allow the economy to get back on its feet during a press conference on the sideline of the annual meetings of the World Bank Group and IMF. Such growth will have an impact on the oil market, she said, but whether the impact would be large or small is still being studied.

Meeting With Counterparts

Tayebnia held bilateral meetings with his counterparts from Japan, Italy and Ecuador.

In talks with the Japanese Economy Minister Taro Aso, Tayebnia called for basic joint agreement between the two countries "conducive to bilateral economic cooperation."

Hailing the recent nuclear agreement between Iran and the six world powers, Aso expressed Japan's readiness to boost technical and cooperation with Iran and resume banking relations.

Tayebnia also met with Fausto Herrera, Ecuador's economy minister and the two sides discussed ways to strengthen two-way economic collaboration. He invited th Ecuadoran minister to visit Iran.   

The three-day meeting of IMF and World Bank, which started October 9, is attended by economy/finance ministers, central bankers and private sector business leaders from 188 member states. The annual meetings are held to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.