Addressing the 35th session of the Ministerial Council of OPEC Fund for International Development (OFIC), Iranian Minister of Economic Affairs and Finance said Iran’s fifth five year development plan and the Economy of Resistance principles were the roadmaps of the government in drafting its economic policies.

He said these policies are rooted in domestically oriented approaches and lay the foundations for policy making by the government in economic sphere.

“Budgetary and fiscal discipline, disciplined monetary policies, boosting transparency, upgrading the environment for business, removing obstacles the production sector faces and encouraging and supporting foreign investment are the main means for moving forward and realizing the aforementioned economic targets.

He noted that the government not only succeeded to accomplish its economic programs but managed to curb inflation so that the rate of inflation has fallen from 45 percent in May last year to 16 percent during the corresponding period this year.

Elsewhere in his remarks he said OFID symbolizes South-South cooperation adding the international body has been able to reinforce regional cooperation among member countries and advance their programs on development. According to Tayyebnia OFID has been also successful in its drive to eradicate poverty and implementation of development programs in least-developed countries.

OFID’s highest policy-making body, the Ministerial Council, held its 35th session in Doha, Qatar, June 12 to review performance and set policy for the Vienna, Austria-based institution for the coming year.

The Council re-elected the State of Qatar, represented by HE Ali Shareef Al Emadi, Minister of Economy and Finance, to the chair. Algeria, represented by HE Mohamed Djellab, Minister of Finance was elected as vice-chair.

The highlight of the meeting was the formal readmission of the Republic of Ecuador to the institution after a break of almost 21 years. The Latin American country suspended its membership in December 1992. Its rejoining restores the number of OFID Member Countries to 13.