Iranian economy minister blasts monopoly in international financial system

TEHRAN,April 5(MNA) - Iranian Economy Minister Shamseddin Hosseini fiercely criticized the monopoly among international monetary system for being turned as a political toll in the hands of hegemonic powers. He made the remarks in the opening ceremony of the 37th Annual Group Meetings of the Islamic Development Bank in Sudan’s capital Khartoum. He also referred to unjust sanctions against the Islamic Republic’s banking system, saying that the sanctions have been imposed under the pressure of imperial powers. The 37th Annual Meeting of the Islamic Development Bank (IDB) Group, took place in Khartoum, Republic of the Sudan from 31 March to 4 April 2012. The meeting of the Board of Governors of the IDB is the main event of any Annual Meeting of the IDB Group, which is held once a year. Meetings of the Boards of Governors or General Assemblies of the other entities of the Group also take place on the same occasion. The Annual Meeting is also an opportunity for major institutions of the Muslim world to hold their General Assemblies. Omar Hassan Ahmed Al Bashir, President of the Republic of Sudan, officially inaugurated the 37th Annual Meeting of the Board of Governors of the IDB at the Friendship Hall in Khartoum, on Tuesday, in the presence of Ministers of Finance and Economy and Planning of the 56 member countries of the Islamic Development Bank Group as well as official guests representing various entities of the member countries. Representatives of the African, Arab, and Asian Groups of Governors also spoke at the meeting praising the hospitality and good reception in Sudan. They touched upon a number of issues regarding the economic development in the regions they represent and the Bank's role and contributions in this area. The IDB Group President Dr Ahmad Mohamed Ali in his address praised the generosity and hospitality of Sudan and the Sudanese government in. Dr. Ali gave detailed account of the success achieved by the Bank in the past and elaborated on the future plans and programs. The Bank President commended the strong support that is rendered to the Bank by its member countries, which has assisted it to achieve the highest credit ratings from international rating agencies. He expressed hope that a golden triangle between Egypt, Sudan and Libya would be established and that geographical extension of the new integrated area would help expand with the highway from Tripoli, Tunis, Algiers, Rabat to Lagos. “Hopefully thereafter, the desert will become a point of connection rather disconnection between North and West Africa”, said the IDB Group President asserting that the Ummah has tremendous knowledge, financial and natural resources that have not been fully tapped.