IMF pleased with Iran’s cuts, but economic hardship could loom.

Thursday, July 07th, 2011

Last week the International Monetary Fund praised Iran for cutting their thirty year policy of subsidizing basic goods which encouraged waste, skewed the market and cost the government about $60-100 a year. Observers have also been impressed with the way the government has eased the pain for consumers by providing cash grants for the ‘poor’, which presently amounts to about 19 million families who are getting monthly payments. With money control inflation has fallen from 20% in March, to 14% which is also good news for the public.
Like everyone else, Christians need the economy to do well, not least so its sluggish growth of just over 3% can increase to provide more jobs and bring the 15% unemployment rate down. If the grants continue, and that growth comes, the economic hardship, which so many complain about, could ease. If the opposite happens, there will be real suffering.

Pray for:

• Ministers responsible for economic policy
• More employment for the young
• Church to provide for genuine poor