TEHRAN - Head of the Management and Planning Organization says over $320 billion is needed to reach an economic growth of 8 percent in the current fiscal year.

Mohammad Baqer Nobakht made the remarks in reference to the economic growth envisioned in the sixth five-year development plan, the Young Journalists Club reported on Monday.

The sixth development plan’s general outline was recently issued by Supreme Leader Ayatollah Ali Khamenei.

Nobakht said various factors are needed to materialize the target growth, pointing out that for two years Iran's economic growth was negative.

He also said the subsidy reform plan will continue in the six development plan.

“One of the clauses of the six development plan is about subsidy reform plan and definitely this will be repeated in the plan”, said Nobakht, a trained economist.

Since December 2010 Iran has been gradually trying to free up energy prices.

SP/P