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IMF Corrects Report on Iran Economy

Service : Economy
TEHRAN, June 17 (ICANA) – Iran's Deputy Economy Minister Mohammad Reza Farzin says the International Monetary Fund (IMF) has corrected its report about the country's economic status.
Friday, June 17, 2011 11:35:23 AM
IMF Corrects Report on Iran Economy

After Iran criticized IMF's reports regarding the country's economic indexes and situation, “this institution sent a group of its experts to Iran to review the situation,” Farzin said on Thursday.

In its previous report, the IMF had said that Iran's economic growth in the year 2011 would fall to zero percent due to sanctions and high inflation.

Farzin added that after expert studies, the IMF mission deemed their earlier reports contrary to factual evidence regarding the Iranian economy and applauded the country's notable successes in implementing the subsidy reform plan.

The initial stage of the subsidy reform plan was implemented in October 2010 as the administration deposited cash payments into bank accounts of the Iranian heads of household.

Iran has achieved "early success in the implementation of their ambitious subsidy reform program" with increases in prices of energy, public transport, wheat, and bread having removed almost USD 60 billion of subsidies, the IMF report said.

The IMF said Iran's strong growth in non-oil sectors and good performance in agriculture helped the country recover to a 3.5-percent growth in 2009-10 despite a fall in oil prices.

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