Azerbaijan, Baku / Тrend corr D. Khatinoglu / The World Bank's (WB) refusal to allocate a financial credit to Iran reflects in terms of policy a unification of forces against official Teheran. "Economic sanctions imposed by the World Bank on Iran create a political danger for the country," Iranian economic expert Bijan Bidabad said.
The WB refused to provide financial assistance to Iran by allocating one more credit. The UN Security Council twice passed resolutions regarding Iran's nuclear program. Moreover, besides the resolutions, the United States imposed sanctions against four Iranian banks, Iranian Farsnews agency reported on 26 November.
WB's sanctions against Iran are illegal, Bidabad said to Trend by telephone from Teheran on 26 November. "In accordance with the WB's regulations, it should not make political decisions against its members. Nevertheless, for the time being Iran's reserve fund has $70bln. Furthermore, up to now financially Teheran has not been dependent on the WB. That means there is no danger for Iran from an economic standpoint," the expert said.
The WB will continue economic agreements and investment projects signed in 2000-2005, but it refused to allot funds to the country. Since the Iran Islamic Revolution of 1979, Iran has been constantly undergoing sanctions from the West. The reserve fund of the country constitutes $68bln and Iran acquired WB stocks in the sum of $2.857bln. After the revolution of 1979 WB allocated a total of $2.5bln credits to the country and has to allot $770mln on previously signed projects.
According to Bidabad, WB broke economic relations with Iran under pressure from the United States and the UK. "That is dangerous for Iran, not in terms of economy, but in terms of policy. Through boycotting Iran the WB again shows that sanctions passed by the United States are international. In case the UN Security Council passes the third resolution against Iran, it will be fulfilled in parallel with the sanctions adopted by the United States at an international level. And that is a great danger for Iran."