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IMF foresees 6.5% GDP growth rate for Iran

International Monetary Fund foresees real growth in Iran's gross domestic product (GDP) which is expected to stand at 6.5 percent in 2004-05 coupled with relatively strong showings by a majority of sectors, IRNA reported from Tehran.

The Advisory Board of International Monetary Fund (IMF) which recently visited Iran said in a statement, issued on Saturday, that Iran's economic prospect in 2004-05 is satisfactory given the higher oil income and growth in investment by private sector.

The statement welcomes Iranian government's economic reforms program based on the fourth five-year economic development plan (2005-10) and said the plans would pave the way for further economic growth and employment.

The IMF has advised Iranian officials to take necessary steps to scrap remaining forex restrictions in current account balance exchanges.

It said unemployment rate has reduced in the country in 2004-05 period and gross international reserves have grown to stand at more than six months of cost for import of cargos and services.

It added that foreign account surplus however fell and inflation remained at about 15 percent in the period compared to the year before.

The statement stressed the need to increase foreign reserve account assets at the time when oil prices are high on global markets.

The IMF delegation stressed the need to lower domestic liquidity rate to curb inflation, help guarantee higher and steady economic growth and create jobs in the mid-term.

It also supported efforts by Iranian officials to promote its financial sector and upgrade supervising system.

... Payvand News - 6/20/04 ... --

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