Iran nuclear deal to deliver major economic benefits – IMF

The implementation of the nuclear agreement between Iran and the P5+1 group of countries will deliver significant economic benefits for Iran’s trading partners within the Middle East and across the world, IMF Director of Middle East and Central Asia Masood Ahmed stated on Friday.

WASHINGTON (Sputnik) — The United States and the European Union agreed to gradually lift all nuclear-related economic sanctions imposed against Iran if the country complies with a framework agreement that was reached on April 2, 2015. A final agreement between Iran and the P5+1 group of countries is set to be achieved by June 30, 2015.“If the framework agreement that has been announced is indeed completed and followed through, this will have a substantial positive impact not only on the economy of Iran, but also on the economies with which Iran trades in the region and elsewhere,” Ahmed said aid at the IMF-World Bank Spring Meetings gathering.

While the agreement will benefit Iran’s economy, internal policies Tehran has implemented on its own will also play a key role.

“If you look at what’s been happening in Iran over the last couple years, you see a combination of prudent macroeconomic policies and easing from the interim agreement which have led to stabilization,” Ahmed explained.

As a result of the policies, Ahmed argued, inflation in Iran is down from 40 percent to 16 percent while the country’s economy is expected to grow by 3 percent.

Ahmed warned, however, that there was still a lot of work left to be done to reform Iran’s industrial policies and infrastructure.

On April 17-19, 2015, the IMF and World Bank are holding their annual Spring Meetings in Washington, DC to discuss issues like global poverty alleviation, development projects, economic growth and financial reforms.

By Sputnik News