Sanctions removal not to solve all economic problems - Iranian economy minister
Baku, Azerbaijan, April 5
By Khalid Kazimov - Trend:
Iranian Minister of Economy Ali Tayebnia has rejected as naive the idea that once international sanctions on the Islamic Republic are removed, the country's entire economic problems will be solved.
He made the remarks at a meeting with Iranian bank managers and officials, as well as the Central Bank of Iran President Valiollah Seif on April 5, Mehr news agency reported.
He reiterated that although Iran's economic situations grew murkier in the wake of the sanctions, there have been other factors which have caused a great deal of the shortcomings.
Tayebnia classified the factors into three main categories, namely, the country's unbalanced economic structure, dependence on oil revenues and the recent wrong economic policies.
"The sanctions were imposed at a time when the country was the most dependent on oil revenues. So, although when sanctions are removed and better situations for our economy emerge, we will not get rid of the recession and inflation that have been with us for long years," he stated.
The recent improvements in relations with the West bode well for the country's economy, which is forecast to expand by 2.9 percent in 2015, according to the IMF report-2014.
On July 26, 2014, the administration of President Hassan Rouhani released its new economic policy package for the country to emerge from stagflation.
The report identified financial shortages, slump in domestic demand, and fall in investments, besides the unjust sanctions imposed by the West, as the main obstacles faced by the country.