Syria would require “substantial international” help to revive its economic system, deal with urgent humanitarian wants, and reconstruct key establishments and infrastructure, the International Monetary Fund (IMF) stated on Tuesday.
Syria can’t afford a whole bunch of billions of {dollars} in damages and losses from the battle that first began as protests in 2011 towards longtime dictator Bashar Assad and his regime.
Since the present President Ahmad al-Sharaa led the opposition that ousted Assad in December 2024, international locations have regularly restored ties with Syria.
During a five-day go to by the IMF earlier this month – the primary to Syria by the 191-country lending group since 2009 – its group met with officers from the private and non-private sectors, notably the finance minister and central financial institution governor.
“Syria faces huge challenges following years of battle that prompted immense human struggling and decreased its economic system to a fraction of its former measurement,” the IMF stated.
“While the years of battle and displacement have weakened administrative capability, employees on the finance ministry and central financial institution demonstrated sturdy dedication and stable understanding.”
Some 6 million folks fled Syria through the battle, and the United Nations estimates that 90% of those that stayed lived in poverty and relied on humanitarian assist to outlive. Half 1,000,000 folks had been killed within the battle.
Damascus now anticipates investments and business tasks with Qatar, Türkiye, Saudi Arabia and others, as they reestablish flight paths and maintain high-level political and financial conferences.
U.S. President Donald Trump stated that Washington will carry decades-long sanctions towards Syria, however it’s unclear how lengthy that course of may take. Britain and the European Union had eased some restrictions.
Meanwhile, oil-rich nations Saudi Arabia and Qatar paid off Syria’s debt to the World Bank, valued at almost $15 billion.
The IMF stated it’s creating a street map for Syria’s coverage and capacity-building priorities for key financial establishments, together with the finance ministry, central financial institution, and statistics company.
But Syria has a laundry listing of reforms it should undertake, together with bettering its tax assortment system, ensuring its nationwide price range will pay public sector salaries and fundamental healthcare and schooling, empowering the central financial institution to take measures to carry again confidence to the native foreign money, and rehabilitate its outdated and battered banking system in keeping with worldwide requirements.
In 2017, the United Nations estimated that rebuilding Syria would price about $250 billion. Since Assad was overthrown, some specialists say that quantity might be as excessive as $400 billion.
Source: www.dailysabah.com