World Bank: Sanctions Removal Catalyst for Iran Economic Windfall
TEHRAN (Tasnim) – Chief Economist of the World Bank's Africa Region Shantayanan Devarajan said that removal of anti-Iran sanctions will act as a catalyst for the Islamic Republic's economic windfall.
"(We are) calling it an economic windfall, that’s a technical term in economics, which is a one-time increase in resources accruing to a country, and that’s what this is," Devarajan said in an interview with Sputnik on Friday.
The economist added there are some "political ramifications for the process, which is why we (World Bank) very carefully called it an economic windfall."
According to reports, Iran is likely to gain $55 billion once the nuclear agreement is in place, much of it in the form of foreign reserves.
Iran and the Group 5+1 on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.
The 159-page deal has its own opponents and proponents both in Iran and the other countries that are parties to the JCPOA, including the US.
While the United Nations Security Council has adopted a resolution to endorse the deal, the text of the document needs to be ratified by both Iran and the US Congress.
