Iran on Sunday said it will restrict travel to the cities hit hardest by the novel coronavirus, state TV said, amid a record high of daily COVID-19 deaths.
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All tagged economy
◢ Iran said on Thursday that it has sought immediate financial assistance from the International Monetary Fund to help it combat one of the world's deadliest coronavirus outbreaks. The various loans that can be granted by the IMF must be approved by the institution's executive board, where the United States practically has a veto on decisions.
◢ In a country weighed down by sanctions, shaken by protests and stressed by military tensions with the United States, many Tehranis struggle to hide their pessimism. Iran's economy has been battered since US President Donald Trump in 2018 abandoned an international nuclear deal and reimposed sanctions and a "maximum pressure" campaign.
◢ Iran's President Rouhani announced Sunday what he called a "budget of resistance" to counter crippling US sanctions, weeks after a fuel price hike sparked nationwide protests that turned deadly. Rouhani said the aim was to reduce "hardships" as the Islamic Republic has suffered a sharp economic downturn.
◢ Iran for the first time acknowledged that its security forces shot and killed protesters last month during violent crackdowns. State television on Tuesday reported that “rioters” had been shot dead in several areas as they joined anti-government protests, including in Tehran, the capital, and Mahshahr in the country’s southwest.
◢ Paris, London and Berlin on Saturday welcomed six new European countries to the INSTEX mechanism, which is designed to mitigate the effects of US sanctions on European trade with Iran. They also insisted Iran must return to full compliance with its commitments under the deal "without delay.”
◢ Iran's supreme leader on Sunday threw his support behind a decision to hike petrol prices, a move that sparked nationwide unrest in which he said "some lost their lives.” The protests flared hours after it was announced that the price of petrol would be raised by 50 percent for the first 60 liters and by 300 percent for anything above that each month.
◢ The IMF has sharply downgraded growth projections for Saudi Arabia and Iran, the two largest Mideast economies, citing the impact of US sanctions, geopolitical tensions and low oil prices. Iran has "been or continues to be experiencing very severe macroeconomic distress," the IMF said, adding that growth in 2020 will be flat.
◢ Tighter U.S. sanctions against Iran could fuel inflation to the highest level since 1980, according to the International Monetary Fund, as the Islamic Republic’s economy grapples with a weakening currency and tighter U.S. sanctions on oil exports. Forecasts released before the U.S. decision show Iran’s gross domestic product set to contract 6 percent this year from 4 percent in 2018 before a marginal recovery in 2020.
◢ The International Monetary Fund on Tuesday worsened its forecast for Iran's recession as US sanctions bite, with Tehran's slump denting overall growth in the Middle East and North Africa. The global lender's World Economic Outlook projected Iran's economy will shrink by a massive 6.0 percent this year, its worst performance since it contracted by 7.7 percent in 2012.
◢ Iranian Foreign Minister Javad Zarif said on Wednesday European powers were incapable of bypassing sanctions imposed on Tehran by the US after it withdrew from the Iran nuclear deal. Iran and six world powers agreed on a deal in 2015 that severely restricted Tehran's nuclear activities in return for sanctions relief and economic incentives.
◢ Iran's supreme Leader Ayatollah Ali Khamenei called the economic difficulties of Iranians the main and most urgent problem of the country in a message aired Thursday on state TV. Iran has faced increased economic hardship in the last 12 months which was aggravated after US President Donald Trump withdrew from the 2015 nuclear deal between Iran and world powers last May.
