Iranian official: $50 billion to be injected into Iran’s economy annually if sanctions lifted

Iran Materials 27 November 2013 15:44 (UTC +04:00)

Baku, Azerbaijan, Nov. 27

By Fatih Karimov - Trend:

Iranian government spokesman Mohammad Baqer Nobakht has said that if the unjustified international sanctions against the country are lifted, some $50 billion will be injected into Iran's economy annually, IRNA reported on November 27.

We should move toward the point where the country can be run without oil revenue, he added.

On November 25, Nobakht confirmed getting access to $8 billion in blocked assets after Iran and the P5+1 reached a deal on Sunday on the country's nuclear energy programme.

The deal will have a great impact on improving the national economy, he added.

Iranian President Hassan Rouhani has said that Iran's economy suffers economic contraction and inflation.

On November 9, Iranian economy minister Ali Tayyebnia said that signs of improvement are being observed in the national economy, IRIB reported.

Fortunately, the point-to-point inflation rate has been declining in recent months, and hopefully this will be continued by the end of the Iranian year (March 20, 2014), he said.

The main problem is the dependence of the national economy to oil revenues, he said, adding that the eight-year war with Iraq took away the opportunity from officials to rebuild the country's economy, he explained.

The changing outlook of the world to the country after the recent presidential election has opened up new windows of progress in the national economy, he said.