The economic recovery that Syria has experienced post-war will require substantial international backing, IMF says -as Damascus starts to rebuild its economy, IMF has stated that the International Monetary Fund (IMF) has emphasized that Syria requires a massive international support in order to revive its ailing economy. The statement came after an IMF delegation’s visit, their first since more than 10 years.
IMF Warning: Heavy Investment Needed
The IMF stressed the fact that the current levels of poverty along with displaced people and a crumbling infrastructure render Syria more fragile than it has ever been. Estimates suggest that reconstruction costs could can reach upwards of $400 billion more than double the previously estimated figures. With more than 90% of Syrians living in poverty, large-scale intervention is deemed essential .
The IMF applauded the dedication that Syria’s finance officials and is currently working on an extensive reform agenda that includes:
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Tax system overhaul
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Stabilization of banking and currency
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Support for wage growth in the public sector
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Infrastructure rebuilding plans
Global Support and Re-engagement
Syria has started to regain access to international financing channels:
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Saudi Arabia and Qatar have repaid $15 billion in World Bank arrears, enabling Syria to regain eligibility for financial aid
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Swift payment relink and easing of U.S. and EU sanctions mark diplomatic progress
These steps will open the door for greater financial involvement and increased investment across different sectors.
What Lies Ahead
The IMF mission emphasized the need for Syria must:
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Rebuild infrastructure–roads, electricity, water, shelters
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Stabilize the banking and currency sector
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Modernize financial systems to ensure the transparency of foreign investments and for
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Reforms to the public service plan are planned to help improve services and capacity for institutions
A growing coalition of institutions–the IMF, World Bank, UNDP, and Gulf donors–are now working in concert, with a scheduled roundtable expected at upcoming meetings in Washington newarab.comapnews.com+15reuters.com+15apnews.com+15aa.com.tr+1turkiyetoday.com+1apnews.com+1ft.com+1en.wikipedia.org+1apnews.com+1.
Why This Matters
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for Syrians A meaningful aid could boost livelihoods and the security of millions.
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To ensure stability in the region Reconstruction is the most important step to reestablishing social cohesion and prosperity.
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For countries that are donors It gives donor nations an opportunity to influence the direction of Syria’s future and impact post-conflict governance.
Learn more about the humanitarian rehabilitation and reconstruction efforts across the globe on artkerala.com.
Final Thoughts
The post-war recovery of Syria’s economy will require substantial international assistance, IMF says -which is a stark reminder of the arduous task ahead. With major international players coming into the picture and diplomatic obstacles being eased and the world has begun to support Syria’s reconstruction, but the path to a lasting reconstruction will be long and arduous.
