Iran Willing to Expand Mutual Cooperation with WB, IMF

Iran Willing to Expand Mutual Cooperation with WB, IMF

"Tehran expects further relations with the World Bank and International Monetary Fund," Tayyebnia told reporters on Wednesday.

The Iranian economy minister, meantime, said that he has had several constructive meetings with senior officials from the World Bank and the IMF.

Tayyebnia also said that in his meetings with World Bank officials he had called for promotion of cooperation and providing Iran with the required finance for its developmental projects.

In early April, Iran agreed to increase its share (quota) of the International Monetary Fund.

The Board of Ministers approved the decision during a cabinet meeting attended by President Hassan Rouhani.

The International Monetary Fund is an international organization headquartered in Washington, D.C., of "188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

The IMF's quota system was created to raise funds for loans. Each IMF member country is assigned a quota, or contribution, that reflects the country's relative size in the global economy.

Each member's quota also determines its relative voting power. Thus, financial contributions from member governments are linked to voting power in the organization.

This system follows the logic of a shareholder-controlled organization: wealthy countries have more say in the making and revision of rules.

Since decision making at the IMF reflects each member's relative economic position in the world, wealthier countries that provide more money to the IMF have more influence than poorer members that contribute less; nonetheless, the IMF focuses on redistribution.

Refrence:Fars