Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
Advanced Search
The Daily Star
SATURDAY, 25 MAY 2013
12:40 AM Beirut time
Weather    
Beirut
26 °C
Blom Index
BLOM
1,210up
Middle East
Follow this story Print Email this RSS Feed ePaper share this
Ahmadinejad: Western sanctions fight requires economic shift
Associated Press
A general view shows Iranian parliament during President Mahmoud Ahmadinejad's speech, in Tehran, Iran, Wednesday, Jan. 16, 2013. (AP Photo/Vahid Salemi)
A general view shows Iranian parliament during President Mahmoud Ahmadinejad's speech, in Tehran, Iran, Wednesday, Jan. 16, 2013. (AP Photo/Vahid Salemi)
A+ A-

TEHRAN: President Mahmoud Ahmadinejad said Wednesday that Iran must move away from dependence on oil revenue to overcome Western sanctions that have slowed the economy and disrupted foreign trade.

Many Iranian officials have described the Islamic Republic’s reliance on crude oil exports as a weakness, but Ahmadinejad’s call before parliament highlights the political will to try to broaden Iran’s economy. It also represents the first major acknowledgment by Ahmadinejad that the economic squeeze from sanctions demands “structural changes” in Iran’s industries and exports.

Tehran had long counted on crude oil sales as the backbone of the nation’s economy, accounting for about 80 percent of foreign currency income. But Western sanctions over Iran’s nuclear program have targeted oil exports and shut Iran out of the international banking system, making it hard for its remaining customers in Asia and elsewhere to pay.

Speaking to lawmakers, Ahmadinejad said enemies were using the weak points in Iran’s economy to pressure the country. Iranian authorities have accused the West of waging an “economic war.”

Iran’s Supreme Leader Ayatollah Ali Khamenei insisted sanctions would not succeed.

“The arrogance front [U.S. and its allies] have employed all their might to force the Iranian nation through sanctions and pressures to surrender. But this nation will tolerate the hardships because it has recognized enemy plans, tactics and strategy,” Khamenei said Wednesday, according to Iran’s state TV.

The U.S. and its allies fear Iran may ultimately be able to develop nuclear weapons. Tehran denies the charges, saying its nuclear program is peaceful.

“We need to cut reliance on petrodollars in the government’s spending budget,” Ahmadinejad told lawmakers. “We have to finish this once and for all.”

In a clear admission of the blow from sanctions, Gholam Reza Kateb, head of the parliament’s budget committee, said Iran’s revenues from oil and gas exports had dropped by 45 percent.

 
A version of this article appeared in the print edition of The Daily Star on January 17, 2013, on page 5.
Home Middle East
 
     
 
Iran sanctions / Iran / Economics
Advertisement
Around the Web
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Story Summary
President Mahmoud Ahmadinejad said Wednesday that Iran must move away from dependence on oil revenue to overcome Western sanctions that have slowed the economy and disrupted foreign trade.

It also represents the first major acknowledgment by Ahmadinejad that the economic squeeze from sanctions demands "structural changes" in Iran's industries and exports.

Western sanctions over Iran's nuclear program have targeted oil exports and shut Iran out of the international banking system, making it hard for its remaining customers in Asia and elsewhere to pay.

Iran's Supreme Leader Ayatollah Ali Khamenei insisted sanctions would not succeed.
Related Articles
Iran says domestic production growing to offset imports drop
 
 
U.S. targets web of firms accused of evading Iran sanctions
 
 
US lawmakers in new push for sanctions on Iran
 
 
Oil buyers owe $4B to Iran, but sanctions block payment: official
 
 
Iran unveils uranium sites, renews defiant tone
Show More
Entities
Advertisement
Most Popular
Viewed Searched e-mailed
1. Hezbollah opens ‘historic wounds’ in Qusair
 
2. Death toll climbs as clashes rage in Lebanon's Tripoli
 
3. Lebanese city stuck in deadly spiral of violence
 
4. In Sidon its increasingly all about sect
 
5. Hezbollah should not sink into sectarian strife: Sleiman
 
6. Syrian opposition mulls dialogue with regime
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Friday May 24, 2013
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
In Lebanon, Salafists are on the move
Michael Young
Michael Young
March 14 drifts away from the state
David Ignatius
David Ignatius
A struggle for positions precedes the Geneva conference
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2013 The Daily Star - All Rights Reserved - Designed and Developed By IDS