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The unification “helps to eliminate distortion and improves economic competitiveness,” Reuters quoted Jihad Azour, director of the IMF’s Middle East and Central Asia department as saying.

“This should be coupled with maintaining the fiscal adjustment to reduce the level of budget deficit, reforming the banking system, especially banks that are facing difficulties, and allow the private sector to grow,” he added.

In response to Reuters' question regarding Trump’s May 12 decision on Iran nuclear deal, Azour said, “any step in this direction will increase vulnerability because of the uncertainty that will come with those kinds of changes”.

“Additional vigilance in terms of macroeconomic management is needed in order to reverse any negative impact of those policies, and the best way to do so is to accelerate necessary reforms,” he reiterated.