Iran's Economy and Finance Minister Shamseddin Hosseini on Wednesday criticized the monopolistic rules of international financial institutes and said their fairness and independence are pre-requisites for countries’ growth and economic development.
Addressing the 37th annual meeting of the Islamic Development Bank in Khartoum, he also said that the international financial institutes have not paid attention to correct economic views. Furthermore, they suppressed any justice-seeking attitude because they have turned into a tools for economic dominance over nations.
Referring to the economic sanctions imposed on Iran, he criticized the sanctions as illegal moves. Hosseini noted that the world is still suffering from the US economic meltdown as well as Eurozone crisis and its economic growth has declined.
Reports released by the international institutes reveal economic backwardness, financial instability, investment risks, rise of inflation and decline in export across the world in 2011, he said.
Underlining further financial and banking cooperation among the Islamic states in a bid to counter world financial crisis, Hosseini said that cooperation can take place in various areas such as granting credits to joint infrastructure projects and facilitating money transfer on the international scene.
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Irna/