Publish date26 Sep 2018 - 9:57
Story Code : 362315

Rouhani presses IMF’s Lagarde to back Iran against

Managing Director of the International Monetary Fund (IMF) Christine Lagarde says she met President Hassan Rouhani in New York Monday and discussed economic challenges facing Iran.
Rouhani presses IMF’s Lagarde to back Iran against

They “discussed global developments and economic challenges facing Iran, as well as the key reform priorities needed to safeguard macroeconomic stability at this time,” Lagarde said.
According to the official website of Iran’s presidency, Rouhani told Lagarde that Tehran is willing to deepen its relations with financial institutions, especially the IMF, and benefit from the fund’s advice.

Rouhani described US sanctions against Iran as “illegal and contrary to international laws and stressed the need for international financial institutions to support Tehran against this illegal US action,” it said.

The Iranian president stressed that IMF’s primary responsibility is to protect its members against unlawful invasions and banking and monetary sanctions.

“The IMF should demonstrate that it can play its part in the economic stability of a member, and I hope that it can take a positive step in this regard,” Rouhani said, according to the website.

Iran is facing challenges for access to the global financial system under new sanctions imposed by the US which withdrew from an international nuclear deal with the Islamic Republic in May.
US banks are forbidden to do business with Iran. Lenders based elsewhere also eschew dealing with the country because unilateral American rules prohibit transactions in dollars from being processed through the US financial system.

The International Monetary Fund along with the World Bank and the Financial Action Task Force (FATF) assesses countries’ compliance with recommendations to combat money laundering and financing terrorism.

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