IMF-Backed Syria Plans Measures To Boost Economy

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – The Syrian government agreed with a team from the International Monetary Fund (IMF), which visited the country during the first five days of June, to adopt measures aimed at restoring local economic growth and improving the population's standard of living. The information was released in a report by the Fund on Tuesday (10).

The discussions focused on short-term priorities. One of the agreed-upon actions was the adoption of a budget for the remainder of 2025, identifying domestic and external resources to ensure the payment of priority expenses such as public payroll, health and education services, and assistance for the most vulnerable population.

Another measure discussed was improving revenue mobilization through the modernization of the tax and customs systems, strengthening the administration of these areas by placing both under the umbrella of the Ministry of Finance. Public financial management will also be reinforced to enhance budget execution and monitoring.

The IMF also agreed with the government on capacity building for the Central Bank to work towards ensuring price stability, restoring confidence in the national currency, and adopting an appropriate monetary policy framework to achieve these goals.

The payment and banking systems will also be rehabilitated, strengthening the fight against money laundering and terrorist financing, improving transaction efficiency, rebuilding trust in banks, restarting financial intermediation, and enabling reconnection with the international financial system.

The IMF and the Syrian government also discussed the need to address immediate obstacles to private sector development and improve the investment climate. Data collection, processing, and dissemination will also be enhanced to ensure they support policy formulation and evaluation.

One country, many challenges

In his report, Ron van Rooden, who led the team visiting Syria, said the country faces enormous challenges after years of conflict, citing the human suffering caused and the resulting economic downturn. According to him, six million people have fled the country and seven million have been internally displaced.“Output has plummeted, real incomes have fallen sharply, and poverty rates are high,” says Rooden.

He adds that state institutions have been weakened, basic service delivery disrupted, and much of the country's infrastructure damaged or destroyed. According to Rooden, humanitarian and reconstruction needs are immense, and a growing number of refugees are returning to the country. The team leader said the authorities require strong international support.

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Translated by Guilherme Miranda

©Bakr Al Kasem/Anadolu/AFP

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