The IMF says Tehran needs to continue pursuing subsidy reforms to turn around its economy.
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The International Monetary Fund said Wednesday that Iran's economy faces deep structural weaknesses as intensified nuclear sanctions have added to other domestic challenges to the government.In its first review of the Iranian economy in nearly three years, the IMF said that Tehran needed to respond with a "prompt and vigorous" reform program to prevent further deterioration.The IMF said Iran's authorities were "well aware" of the problems and challenges they faced and had already begun to prepare some of the reforms needed.The IMF suggested that if the six-month interim agreement with the P5+1 can be built upon, the economy could rebound with growth of 1-2 percent in 2014-2015 .The IMF acknowledged the need to cautiously reform subsidies to avoid shocking the economy, and called the government's gradual approach "prudent".
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