TEHRAN, Iran — The International Monetary Fund on Monday predicted a steady growth in Iran’s economy but cautioned it still faces a number of challenges, including the need to reduce government debt and red tape. Iran’s economy has seen a major boost since international sanctions were lifted after the 2015 nuclear deal.
The IMF said growth is expected to top four percent in the coming fiscal year while other Mideast oil exporters are facing close to zero percent growth.
IMF’s report urged Iran to remove obstacles to private sector development and reduce social barriers and pay gaps for Iran’s educated women.
The IMF said banks also need “urgent restructuring and recapitalization” and recommended that Iran allocate a share of its oil revenue to cover the costs of banking reforms.
The Joint Comprehensive Plan of Action JCPOA, signed between Iran and world powers saw crippling sanctions removed in return for Iran agreeing to dismantle its nuclear program to prevent it being able to produce nuclear weapons.
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Iran rushed back into the global oil markets once the deal took effect, boosting its gross domestic product by 7.4 percent in the first half of 2016 and 2017, recovering from a recession in the period prior, according to previous International Monetary Fund data.
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