Economy, Domestic Economy

Minister Highlights Efficient Economic Path

Minister Highlights Efficient Economic Path
Minister Highlights Efficient Economic Path

Efficient economic management has neutralized the impact of the Western-led sanctions against Iran, Minister of Economic Affairs and Finance, Ali Tayebnia told China’s CCTV on the sidelines of the International Monterey Fund (IMF) meeting in Washington on Thursday.

In the interview, the minister highlighted the current upward trend of Iran’s economic situation as well as its special relations with China as a global economic powerhouse, asserting that by the use of efficient economic management, the administration has been successful in tacking the tough conditions of the past few years.  

When the current administration assumed power last summer, Iran was coping with stagflation – an over 40 percent inflation rate and the negative growth of economy, Tayebnia stated. “The government mainly looked out for the root causes of the sluggish economy,” Tayebnia said.

“The government’s economic policy has now resulted in curbing the inflation, reversing the downtrend and record a 4.6 percent economic growth through utilizing a novel monetary discipline, improving business environment, strengthening the private secretor, reducing the production costs, increasing oil revenues, and providing private firms with the much-needed liquidity.”

Besides, he said, the government tried to neutralize the impact of sanctions on the living standards of low income earners by devising new food security and healthcare policies.

Tayebnia also noted that the government’s major challenge is reducing its overreliance on oil revenues and focusing on further attraction of foreign investment. The government prefers to export processed oil and gas products instead of exporting oil in its crude shape.

Tayebnia left Tehran for the US on Wednesday to participate in the 2014 Annual Meetings of the International Monetary Fund and the World Bank Group held from October 10-12 in Washington D.C. He was a member of a high-ranking delegation of economic officials and Iranian MPs during the US visit.