Iran Urges Restructuring IMF, WB

A01177141.jpgIran believes the shares of rich nations which enjoy extra benefit from the International Monetary Fund and the World Bank must be reduced. “Part of the portions given to rich countries should be given to developing countries to enable them to get at least a 50-percent benefit from the quota already going to rich countries,” Iran’s Minister of Economic Affairs and Finance Davoud Danesh Jafari told reporters after the annual meeting commissioned by the IMF and the WB in Washington.

“Following formation of the two international monetary bodies after WW II, world financial moguls such as the US, EU and Japan purchased bulk of the shares and the rest were proportionately provided to various countries to aid them.

“The efforts by other countries to buy additional shares are blocked by the US. Since the US and Europe hold the lion share, they have the final say in the IMF and WB,” the minister explained.

At times, the adopted decisions are subject to political ends, but the WB is an institution owned by all shareholders and every party should enjoy equal services.

“Such political approaches have robbed Iran’s rights in recent years,” said the minister.

Despite US propaganda against Iran to tarnish its investment image, the country has maintained its economic status quo, Danesh Jafari noted.

“The ploys have had little effect on Iran’s economy, because any move against the country will destabilize the global economy.

“Whenever the gap broadens between US and Iran, Washington launches more propaganda against the country, which destabilizes the world oil markets.

“But Iran has always been the winner in this tug-of-war,” the minister concluded.

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