Iran appalled by WB, IMF favoritism

The Iranian finance minister has lashed out at the World Bank and the International Monetary Fund (IMF) over their 'discriminatory manner' toward certain countries, Press TV reported.

"In past years, these two international bodies have taken a discriminatory manner toward certain counties such as Iran" in financing their proposed projects, Shamseddin Hosseini said on Tuesday on the sidelines of the semiannual meetings of the IMF and the World Bank in Istanbul.

He said the officials of the two financial organizations 'violate the right of stakeholders'.

Hosseini also questioned the performance of the World Bank and said that it is being administered from a 'political outlook'.

On Monday, several members of the World Bank said in a statement that the body needs to become more efficient in how it uses its resources and give more say to developing economies.

"It will be important to protect the voting power of the smallest and poorest of countries," the statement said.