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David Lipton, first deputy managing director of the International Monetary Fund (IMF), has called for a plan of action aimed at reforming Iran's economy.

"I suggest that while Iran will gain from pursuing integration with the global economy, your ultimate success depends on what you do at home: strengthening macroeconomic policies in the short run and forging ahead now with deep structural reforms for the long run. It is time for a plan of action on the economy," Lipton told a conference on economy in Tehran, IMF website published the text of his speech.

"Iran has already taken important measures to secure macroeconomic stability, including an important decline in the rate of inflation. That was done despite an episode of increased costs of trade and financial transactions, and limited access to foreign exchange assets that caused inflation to jump and the rial to depreciate significantly," he said.

That achievement will serve Iran well as its implementation the Joint Comprehensive Plan of Action continues, Lipton added. Speaking about the global economy Lipton said the outlook has weakened a bit over the past half year. "Our most recent forecast has global growth remaining largely unchanged this year at a subdued 3.2 percent rate, with only a slight increase to 3.5 percent in 2017," he said.

Lipton added that emerging and developing economies will still account for the lion's share of world growth. But their prospects remain subdued, particularly for two reasons that are important to Iran: the sharp fall in commodity prices led by oil, and China's economic rebalancing.

David Lipton, leading a delegation, arrived in Tehran May 16 to discuss economic issues with high-ranking Iranian officials.
The visit is aimed at exploring the opportunity for introducing Iranian capacity in economic areas that will help building confidence in international trade.

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