The Iran Project

Petroleum minister confers with IMF deputy

Tehran, May 17, IRNA – Iranian Minister of Petroleum Bijan Zangeneh conferred with First Deputy Managing Director of the International Monetary Fund (IMF) David Lipton here.

The two officials discussed issues of mutual interest on Monday evening.

Lipton, at the head of a delegation, arrived here Sunday. Members of IMF delegation are to hold talks with senior Iranian officials on economic issues.

The visit of IMF delegation will last for three days.

The visit is an ample opportunity for introducing Iranian capacities in economic areas that will help building confidence in international trade.

The IMF is an international organization headquartered in Washington, D.C., of ‘189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Formed in 1944 at the Bretton Woods Conference, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.

Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments difficulties can borrow money. As of 2010, the fund had SDR476.8 billion, about US$755.7 billion at then exchange rates.

By IRNA

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