Some $50 billion will be poured into the Iranian economy annually if the unjustified international sanctions against the country are lifted and the positive existing atmosphere is continued, Iranian Government Spokesman Mohammad-Baqer Nobakht said on Wednesday.
“The country should move toward the point that it can be run without relying on oil revenues,” IRNA quoted Nobakht as saying.
On November 24, ran and the six major powers reached a historic deal in the early hours of Sunday morning, according to which Tehran will offer some concessions in exchange for limited relief from the sanctions imposed on the country.
According to a fact sheet released by the White House, in return for the steps that Iran would take under the agreement, “the P5+1 is to provide limited, temporary, targeted, and reversible relief while maintaining the vast bulk of our sanctions, including the oil, finance, and banking sanctions architecture.”
Iranian President Hassan Rouhani has promised reforms that would help in boosting production as part of efforts to kick-start the country’s sanction-hit economy, according to an article published in September by the Financial Times.
Since he took office in August, Rouhani has made improving the country’s economy a priority.
In September, The Central Bank of Iran confirmed that the national economy contracted by 5.4 percent in the past Iranian calendar year, which ended on March 20.
Iranian Finance and Economic Affairs Minister Ali Tayyebnia has said that low economic growth rate is currently the main challenge in the national economy.
The ministry will focus on improving the living standards through curbing inflation and flourishing businesses, he said.