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IMF Chief Hails Iran's Economic Reform

Service : Economy
TEHRAN, April 17 (ICANA) – Managing Director of the International Monetary Fund (IMF) Dominique Strauss-Kahn has reportedly hailed Iran's economic reform plan aimed at overhauling the country's economy by shelving energy and food subsidies.
Sunday, April 17, 2011 6:59:28 PM
IMF Chief Hails Iran's Economic Reform

Deputy Governor of Iran's Central Bank Seyyed Hamid Pour-Mohammadi said that the IMF chief made the remark during a meeting with an Iranian delegation participating in a gathering in IMF headquarters in Washington, IRIB reported.

The report added that Strauss-Kahn called Iran's move in implementing the major subsidy plan as “important” and asked the Islamic Republic to “transfer its expertise to other countries.”

“Iran and the IMF have agreed to hold a joint conference to pave the way for transferring Iran's expertise to other countries,” Pour-Mohammadi said.

In December 2010, Iran launched its economic reform plan -- one of the most important undertakings in Iran's recent economic history -- to remove all subsidies gradually during a five-year period.

Before the official announcement of the plan also known as the targeted subsidy plan, every family member received a sum of 810,000 rials ($ 80) in cash subsidies for a two-month period.

The goal of the plan is to replace subsidies on food and energy with targeted social assistance, in accordance with Iran's Five Year Economic Development Plan and move towards free market prices in a 5-year period.

According to the Iranian government, approximately $100 billion per year is spent on subsidizing energy prices and many consumable goods, including bread, sugar, rice, cooking oil and medicine.

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