Seventh FYDP Must Reassign Banking Sector, Minister Says

EghtesadOnline: Economists and market experts say due to the myriad of constraints, not the least of which was international sanctions and mismanagement, the growth target in the last plan failed to deliver.

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24 October 2022

Seventh FYDP Must Reassign Banking Sector, Minister SaysSeventh FYDP Must Reassign Banking Sector, Minister Says

Economy Minister Ehsan Khandouzi has openly criticized banks for their inefficient approach towards financing the key production sector and called for redefining the role of the banking system in funding economic sectors.

"We need to make a major decision about banks in the Seventh Five-Year Development Plan. It is vital for a country that is saddled by [US] sanctions to make use of all its financing potential," Khandouzi was quoted as saying by the Economy Ministry's news outlet during a recent visit to southeast Kerman Province.

The Seventh FYDP has been drafted by the Planning and Budget Organization. Five-year plans are prepared by governments to help achieve sustainable growth. The sixth plan ended last year.