Damascus Preparing to Receive an IMF Mission Within Six Months
The Minister of Finance in the Syrian Interim Government, Mohammad Yasser Barniyeh, announced that Syria will host a mission from the International Monetary Fund (IMF) within the next six months as part of Article IV consultations, emphasizing that this step will create an important environment for investors interested in the Syrian economy.
Barniyeh, in statements reported by the Syrian Arab News Agency (SANA), explained that the consultations may pave the way for an economic and financial reform program not linked to loans, under what is known as a Staff Monitored Program (SMP).
He added that Syria’s participation in the IMF and World Bank annual meetings marked a “qualitative and strategic shift” in relations with the two international financial institutions. He noted that agreements were reached to provide several technical assistance projects in areas such as fiscal and banking reform, public finance, statistics, and public debt management, in line with the priorities of the interim government.
The minister also indicated that an agreement had been reached to appoint a resident IMF representative in Damascus and to lift the security restrictions that had previously prevented IMF missions from operating inside the country.
In the same context, Barniyeh revealed that the World Bank Group will send around six technical assistance missions in the coming weeks and months, covering sectors such as energy, water, education, health, transportation, public financial management, and financial infrastructure.
He added that both sides reached an understanding regarding the financing of development projects over the next three years through grants amounting to approximately one billion dollars. He further noted that relations with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have also been reactivated.
Barniyeh confirmed that the World Bank will open a permanent office in Damascus to support project implementation and coordinate technical assistance efforts.
