Washington, Aug. 4 (SANA) The International Monetary Fund (IMF) said the Syrian economy is continuing to show increasing signs of recovery, forecasting economic growth of more than 10 percent this year, with strong growth expected to continue in 2027, supported by improved performance in productive and service sectors and the ongoing implementation of economic reforms.
The assessment came in a statement issued on Tuesday following a visit by an IMF staff team, led by Ron van Rooden, to Damascus from July 19 to 23 to review economic developments, discuss progress on reforms and policy priorities, and identify additional areas for technical assistance as part of efforts to strengthen cooperation with Syria.
Strong Growth Outlook
IMF mission chief Van Rooden said the Syrian economy began recovering in 2025, driven by improved consumer and investor confidence, the return of around 1.5 million refugees, and Syria’s gradual reintegration into regional and global economies, which helped offset the impact of drought on the agricultural sector.
The fund projected that Syria’s economy would grow by more than 10 percent in 2026 despite ongoing regional challenges, citing a strong recovery in agriculture due to improved rainfall, higher oil and gas production, better electricity supplies, continued expansion in trade and services, the ongoing return of refugees, a notable rise in visitor numbers, and reform policies aimed at strengthening macroeconomic stability and promoting private sector-led growth.
The IMF expects economic performance to remain strong in 2027.
Improved Public Finances
The IMF said public finances have improved significantly, noting that the central government budget recorded a limited surplus in 2025, while revenues are expected to increase in 2026 due to higher tax and customs revenues, increased hydrocarbon sector income, and exceptional revenues including telecommunications licensing fees and fuel transit charges.
The fund noted that inflation increased in 2026 due to external factors, particularly higher import prices, including fuel and food, as well as stronger domestic demand and increased costs for some services. It expects inflation to decline in 2027 if external pressures ease and sound fiscal and monetary policies continue.
Continuing Reforms
The IMF stressed the importance of further strengthening public financial management, mobilizing revenues, accelerating banking sector rehabilitation, developing related regulations, enhancing anti-money laundering and counter-terrorism financing frameworks, and improving economic statistics to support national economic stability and Syria’s integration into the international financial system.
The fund praised the Central Bank of Syria’s successful management of the issuance of the new currency, stressing that completing banking sector reform remains a priority to strengthen financial intermediation, facilitate domestic and international payments, and improve the effectiveness of monetary policy.
Continued Technical Support
The IMF said it would continue supporting the Syrian government through a broad technical assistance program covering public financial management, tax and customs system development, public debt management, financial sector reform, banking supervision, and support for the central bank in developing and implementing an appropriate monetary policy framework.
The statement added that progress had been made in preparing a debt sustainability analysis and compiling public debt data, with work continuing to improve economic databases ahead of the resumption of consultations at Syria’s request.
Positive Assessment of Cooperation
The IMF team expressed appreciation to Syrian authorities for the constructive and transparent discussions, adding that during its visit it met Syrian Finance Minister Mohammad Yisr Barnieh, Central Bank Governor Safwat Raslan, and other senior officials.
On July 20, Minister Barnieh discussed with the IMF consultation mission economic and financial developments in Syria, priorities for the next phase, and ways to support economic recovery and enhance technical cooperation between the two sides.
Barnieh welcomed the IMF’s positive assessment earlier on Tuesday, saying the statement represented an important message that strengthens confidence in government reforms aimed at restoring macroeconomic stability, supporting recovery, implementing sound fiscal policies, and creating an environment conducive to private sector growth and investment.
