Press Release No. 13/440

Press Release: Statement by an IMF Mission to the Islamic Republic of Iran

November 11, 2013

A mission from the International Monetary Fund (IMF) visited Tehran from October 29 to November 7 to review economic developments in the country. The visit also provided an opportunity to discuss with the new authorities their plans for economic policies and reforms.

The IMF mission held discussions with senior officials from the central bank and government, as well as with a broad spectrum of representatives from financial institutions and the business community. These discussions focused on the need for Iran to tackle high inflation and restore economic growth, as well as on the need for Iran to begin addressing long-standing policy and structural challenges in the economy. These challenges include the monetary and fiscal policy frameworks, the implementation of the subsidy reform, and the reforms in the banking and corporate sectors to revive growth. The authorities’ understanding of the challenges and the high expectations of several sectors in the economy provide a timely opportunity for advancing such reforms, notwithstanding the difficult external environment.

The IMF mission and the authorities agreed that the forthcoming Article IV Consultation mission early next year will provide an opportunity to deepen the discussions on the policy and reform priorities of the authorities.