A picture taken on March 12, 2017, shows an Iranian labourer walking the platform of the oil facility in the Khark Island, on the shore of the Gulf, on March 12, 2017. / AFP / ATTA KENARE
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Iran's economy is starting to recover more rapidly from years of international sanctions but the country urgently needs to shore up its banks, a senior International Monetary Fund official said Monday.Official statistics in Iran are often incomplete and released only slowly, and the policy-making process can be opaque, so Iran's consultations with the IMF provide one of the clearest glimpses into its economy.This has deterred many banks and other foreign companies from operating in Iran.This would help Iran re-integrate into the global financial system, the IMF said.
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