Iran is pursuing a “resilient economy” that is less dependent on oil, has reduced nonperforming loans in its banking sector and is anticipating European participation in financing a landmark Boeing deal, according to Minister of Economic Affairs and Finance Ali Tayebnia.
In an interview with Al-Monitor on Oct. 7 on the sidelines of the fall meeting of the World Bank and International Monetary Fund (IMF), Tayebnia gave an upbeat account of reforms undertaken since the inauguration of President Hassan Rouhani in 2013. But Tayebnia, like Rouhani and other Iranian officials, accused the United States of not completely fulfilling its promises under last year’s landmark nuclear deal and suggested that the United States should do more to facilitate Iran’s return to the international financial system.
Iran’s approach to economics has often been described as one of “resistance” to Western-led domination. Tayebnia, in comments on a panel with other ministers from oil-producing countries on the morning of Oct. 7, said a more accurate translation was “resilience.”
“The main characteristic of a resilient economy is flexibility against external shocks,” he explained in the subsequent interview. “When there is a storm, a dry tree may break very easily, but a flexible tree can survive that storm.”