Since the spring, we have noted and criticised the International Monetary Fund's optimistic "reports" on the Iranian economy, which appear to be driven more by advocacy for subsidy cuts and reliance on the statistics claimed by Iranian officials than on any substantive analysis.

Now the IMF tries once more to vindicate its efforts --- in a letter to the Wall Street Journal, which has also posted sceptical articles on the reports --- the Fund's Ratna Satay, in the Middle East and Central Asia Department, insists, "Our projections remain independent of the authorities' views; indeed, the growth forecasts for 2011-12 are lower than the authorities' and below past trends despite the higher potential brought about by the subsidy reform."

Satay claims the IMF's projections of Iranian growth, with lower-than-expected inflation and fiscal stability, come from "statistics we collected in a recent mission which indicated an exceptional agricultural performance in the past two years as well as the positive impact of the high oil prices on a highly diversified Iranian economy".

I am not sure how, but Satay has managed to produce an "explanation" even weaker than the original puff-piece for the Government's economic policy.