An International Monetary Fund (IMF) delegation visited Syria for the primary time in 15 years, signaling renewed engagement with the war-torn nation following the autumn of Bashar Assad and years of devastating battle, the IMF mentioned Tuesday.
The staff traveled to Damascus from June 1 to five to evaluate financial situations and focus on priorities with Syrian officers because the nation seeks to rebuild after greater than a decade of struggle.
“Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size,” mentioned Ron van Rooden, who led the IMF mission.
The nation’s economic system has been severely battered, with hundreds of thousands displaced and far of its infrastructure destroyed. Roughly six million Syrians have fled the nation, whereas one other seven million stay internally displaced, van Rooden famous.
“Output has plummeted, real incomes have fallen sharply, and poverty rates are high,” he added. “State institutions have also been weakened, and the destruction of infrastructure has left deep scars.”
The civil struggle started in 2011 after a violent crackdown on pro-democracy protests. Assad was ousted in December 2023 by a lightning offensive led by anti-regime forces. Syria’s new management has since sought to reestablish diplomatic and monetary ties with worldwide establishments.
The IMF mentioned it aimed to discover the way it might assist Syria’s financial restoration and famous that pressing motion is required to stabilize the economic system and rebuild public providers.
The IMF’s final in-depth evaluation of Syria’s economic system was in 2009, previous to the onset of the battle. In April, Saudi Arabia and Qatar introduced they’d collectively settle Syria’s $15 million debt to the World Bank. The transfer paves the way in which for renewed World Bank operations within the nation, which have been suspended firstly of the struggle.
The IMF referred to as current discussions with Syria’s financial staff “useful” and mentioned future engagement will concentrate on insurance policies that assist inclusive progress and rebuild financial establishments.
Source: www.dailysabah.com