Azernews.Az

By Sara Rajabova

The International Monetary Fund's (IMF) new report has painted a positive picture of the Iranian economy, predicting the country's return to growth over the next year.

The IMF said in its first regular assessment of Iran after more than two years that the country's economy will exit a recession and register a positive growth before the end of 2015 as a result of Tehran's nuclear deal with world powers that brings relief from some sanctions, Press TV reported.

Iran and the world powers clinched a nuclear deal in Geneva on November 2013, and started the implementation of the agreement on January 20.

Under the Geneva deal, the six countries undertook to provide Iran with some sanctions relief in exchange for limiting certain aspects of its nuclear activities, including a voluntary suspension of its 20-percent uranium enrichment program.

The contraction of Iran's economy was slowing, suggesting a 1-2 percent growth in 2014-2015, Martin Cerisola, the IMF's assistant director for the Middle East and Central Asia said on February 12.

The Iranian government has been successful in reigning in the country's rate of inflation, he added.

However, the agency said the sanctions imposed against Iran have left negative impacts on its economic structures.

It also called on Iran to undertake more reforms to tackle its economic problems.

World oil giants have voiced their readiness to return to Iran following the easing of sanctions against Iran in light of the implementation of Tehran's nuclear deal with the six world powers.

Iranian President Hassan Rouhani met with chief executives of oil giants on the sidelines of the World Economic Forum (WEF) in Davos earlier last month.

Spain's Repsol, Royal Dutch Shell, British Petroleum (BP), France's Total, Italy's Eni, and Russia's Lukoil have shown their willingness to invest in Iran, the Iranian officials said earlier.

Lukoil intends to return oil project in Iran

Russia's second largest oil producer, Lukoil, expressed its willingness to return to Iran's Anaran oil project once the U.S.-led sanctions against Iran's energy sector are lifted.

The company is ready to implement the project Anaran once the sanctions are lifted, Russian media quoted Lukoil Chief Executive Vagit Alekperov as saying on February 12.

Along with Norway's Statoil, Lukoil was prospecting for oil in Iran's Anaran block before it pulled out of the project due to the imposition of illegal sanctions on Iran's energy sector by the U.S. and the EU. Lukoil reportedly suffered a $ 63-million loss after the withdrawal.

France's Total and Italy's Eni have also expressed their willingness to resume work in Iran.

An official at Iran's Oil Ministry recently said the ministry has already held talks with oil giant Total, oil and gas services provider Technip, and GDF Suez.

The official said major oil companies are closely monitoring the state of Iran sanctions and will come to invest in Iran's oil industry as soon as the problems are resolved.