Finance Minister Mohamed Yisr Barnieh said that Syria had made strategic shift in relationship with the International Monetary Fund (IMF) and the World Bank, during the country’s participation in their annual meetings.
In a recent Facebook post, Barnieh detailed Syria’s progress at the IMF, where agreements were reached on various technical assistance programs aimed at reforming Syria’s financial and banking sectors, improving public finance management, and enhancing statistical capabilities.
“The IMF will also be sending a series of missions to Damascus, starting this week, to further these initiatives,” the minister said.
In a notable development, Barnieh confirmed that Syria and the IMF have agreed to hold consultations under Article IV of the IMF’s Articles of Agreement within the next six months. These consultations are expected to help create a conducive environment for foreign investment in Syria.
Barnieh also indicated that these discussions could pave the way for a non-loan-based economic reform program (Staff Monitored Program) to support Syria’s financial recovery.
A key outcome of Syria’s engagement with the IMF was the agreement to appoint a resident IMF representative in Syria, alongside the removal of security restrictions that had previously hindered IMF missions in the country. Barnieh called this a critical step forward in strengthening Syria’s economic ties with the IMF.
Turning to the World Bank, Barnieh revealed that Syria is set to receive six technical assistance missions over the coming months, focusing on key sectors such as energy, water, education, health, transportation, and public financial management. He emphasized that these missions would help lay the groundwork for cooperation on several major projects.
“Syria and the World Bank have agreed to collaborate to fund multiple projects over the next three years, with grants totaling around $1 billion across various sectors,” Barnieh said.
As part of the growing cooperation, the World Bank will also open a regional office in Damascus to support project implementation and offer technical assistance, a move that Barnieh believes will further solidify Syria’s economic recovery efforts.
On Syria’s evolving relationship with U.S. financial authorities, Barnieh reported substantial progress. He noted that discussions with the U.S. Department of the Treasury “have shifted from consultation to a more formal partnership”, driven in part by Syria’s improved diplomatic relations and political stability.
