Dr. Seyed Ali Madanizadeh, Minister of Economic Affairs and Finance, during a visit to the 28th International ELECOMP Exhibition, referred to the activation of the “snapback mechanism” and announced the government’s full readiness to defend the markets and turn this challenge into an opportunity for economic transformation.
According to Shada, Madanizadeh stated: “We have long been prepared to face such threats, and the government is fully ready.”
The Minister stated that all possible scenarios have been anticipated in advance, and responsibilities have been allocated among the Ministry of Economy, the Planning and Budget Organization, the Central Bank, the Ministry of Agriculture, and the Ministry of Industry, Mines, and Trade.
“Although some intend to create an economic shock in the country, we are fully prepared. With the plans that has already been prepared, we will defend all markets. Multiple programs have been designed in the fields of currency and monetary policy to counter the challenges,” he said.
Madanizadeh emphasized the importance of supporting people's livelihoods, stating, “In terms of the budget, which could be impacted by this shock, we have implemented necessary measures to minimize the effects. To protect households that may be affected, we are considering plans such as providing electronic coupons.”
He stressed that instead of relying on the concept of “resilience,” the ministry adopts the concept of “anti-fragility” to turn the challenge into an opportunity to fix structural deficiencies and shortcomings in the economy.
“These changes will be reflected in the capital market, banking system, and services such as taxation and customs,” the Minister said.
Madanizadeh also announced that in the coming days, measures similar to those taken during wartime (the 12-day war) will be introduced to expedite the clearance of goods through credit-based mechanisms.
Underscoring the government’s firm protection of markets, the Minister declared: “After achieving full control of the markets, we hope to sustain the process. At present, an operations headquarters and control room have been established, and the government is decisively defending all markets to prevent a decline in the value of the rial.”
Madanizadeh also emphasized the importance of the digital economy as one of the five main pillars of the ministry’s justice-oriented programs. “The digital economy is one of the central pillars of the ministry’s growth agenda, because I strongly believe that the country’s economic transformation will be technology-driven,” he said.