IMF Officials Visit Syria to Assess Economy

(MENAFN) From June 1 to 5, officials from the International Monetary Fund (IMF) visited Damascus, Syria’s capital, to evaluate the country’s economic and financial situation.

During the visit, they engaged with local authorities to discuss economic strategies and capacity-building measures aimed at supporting the recovery of Syria’s economy.

This visit marked the first official interaction between IMF staff and Syria since 2009, which predates the country’s ongoing 13-year civil war.

A statement released by the IMF on Tuesday highlighted this significant event.

"Amidst enormous challenges, the Syrian authorities are determined to rehabilitate Syria’s economy. In the near term, it is critical to restore public confidence and macro-economic stability through the pursuit of sound fiscal and monetary policies and create conditions for the private sector to lead Syria’s development and growth," the IMF emphasized.

The IMF also stressed the need for substantial international support to assist the Syrian authorities in their efforts to revive the economy, address urgent humanitarian needs, and rebuild critical institutions and infrastructure.

"This not only includes concessional financial support, but also extensive capacity development assistance," the statement added.

In addition to these observations, the IMF’s mission leader, Ron von Rooden, shared an assessment of the country’s dire situation.

The statement underscored the immense challenges Syria faces after years of conflict, citing that approximately 6 million people have fled the country, mostly to neighboring nations, and 7 million others have been displaced internally.

The IMF noted that these events have resulted in a significant decline in economic output, a sharp drop in real incomes, and an alarming rise in poverty levels.

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