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Lifting Iran sanctions will have an impact on the oil market: Lagarde

Nevine Kamel in Lima, Peru, Thursday 8 Oct 2015
International Monetary Fund (IMF) Managing Director Christine Lagarde (C) gives a news conference next to David Lipton (L) First Deputy Managing Director, IMF and Gerry Rice (R), Director, Communications Department, IMF during the 2015 IMF/World Bank Annual Meetings in Lima, Peru, October 8, 2015 (Photo: Reuters)
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The recent lifting of sanctions against Iran will allow for the country's economy to grow, Christine Lagarde, the managing director of the International Monetary Fund (IMF), said on Thursday.

Such growth will have an impact on the oil market, she said, but whether the impact would be large or small is still being studied.

Lagarde's comment came during a press conference during the annual meetings of the World Bank Group and IMF in the Peruvian capital of Lima.

Speaking to journalists, Lagarde said that the challenges facing today's world – refugees, climate change, economic problems -- can not be dealt with by any single country, stressing that "International cooperation is key to solving these problems".

She added that the world is slowly recovering from the current economic state, and the situation might improve by 2016.

"Economic development and implications are included in policy decisions, there is a way out towards strengthening economies and improve the potential output," she said adding that a mix of policies is capable of recovering growth and eventually make it stronger.

She went on to talk about people displaced near Syria and Libya, and the burden falling on the shoulders of countries that welcome refugees such as Lebanon, Jordan, Egypt, Djibouti and Chad.

According to Lagarde, more financial facilities will be given to the countries working with the IMF.

She went on to add that the flow of refugee can have a more positive effect. She also called for discussion to help other countries being negatively affected by the crisis.

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