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Syria won't wait for global community to reform economy: Finance Minister

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  Published in Business and Finance on Wednesday, October 15th 2025 at 19:07 GMT by Yen.com.gh
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We will need to access the page.We will attempt to retrieve via web.Syria’s Economic Roadmap: A Call for Immediate International Support

The Syrian economy, long battered by sanctions, internal conflict, and the fallout of a protracted war, remains in a precarious position. In a recent address, the country’s Minister of Finance announced that Syria will not remain idle while the international community seeks to reform the global economic architecture. His remarks, published in a widely read online outlet, outlined a clear vision for economic revival and outlined the urgent need for the global community to lift punitive measures, extend financial assistance, and facilitate trade with Syria.

A Stalemate in Global Economic Reform

The minister’s opening remarks highlighted a fundamental impasse: “The international community has been too slow in addressing the structural problems that inhibit Syria’s economic recovery.” He pointed to the entrenched sanctions regime that has been in place for more than a decade, arguing that it not only stifles trade but also disincentivizes foreign investment. According to the ministry, the sanctions have led to a steep decline in foreign direct investment (FDI), causing a significant contraction in the country’s GDP and worsening the living standards of ordinary Syrians.

He underscored the need for a coordinated approach to modify the existing sanction framework. “We are not calling for a blanket removal of sanctions,” he explained, “but for a gradual, transparent process that rewards compliance and incentivizes economic integration.” The minister’s tone was firm, yet he stressed that Syria was open to dialogue, provided the international community could demonstrate a tangible commitment to reform.

Economic Indicators and Immediate Challenges

The finance ministry released a set of data that paints a stark picture. Inflation has spiked to near 20% in recent months, largely due to soaring prices for imported goods and energy. The country’s foreign exchange reserves have fallen dramatically, and the Syrian pound remains highly volatile. Meanwhile, unemployment has risen sharply, especially among the youth, with estimates placing it above 30% in some regions.

The ministry also highlighted the decline in key export sectors, such as agriculture and mining. “We have historically relied on agricultural exports to generate revenue,” the minister said. “However, the disruption in the supply chain and lack of market access have severely hampered our production capacity.” Additionally, he noted that Syria’s mining sector, particularly iron ore and aluminum, has not seen significant investment, which could be a turning point if foreign partners are attracted by a stable regulatory environment.

Calls for Financial Assistance and Trade Facilitation

Central to the minister’s address was a call for the United Nations and the World Bank to step in and provide concessional loans, technical assistance, and debt relief. “We need an immediate infusion of working capital to support our vital infrastructure projects, including the restoration of the electricity grid and the rehabilitation of irrigation systems,” he said. He specifically mentioned a $1.5 billion loan package that could be mobilized by the International Monetary Fund (IMF) if the sanctions were partially lifted.

The minister also urged the European Union (EU) to reconsider its trade embargoes. “A phased lifting of trade restrictions would allow us to re-enter the global market and bring in much-needed technology and capital.” He pointed out that the EU’s sanctions were a significant barrier to the import of essential machinery and technology required for rebuilding the economy.

Reforming the Domestic Financial System

In addition to external reforms, the minister outlined several internal reforms aimed at stabilizing the domestic financial system. These include:

1. Reforming the Central Bank’s Monetary Policy: Adjusting the interest rate policy to better control inflation while ensuring sufficient liquidity for banks.
2. Strengthening the Banking Sector: Implementing stricter risk management frameworks and improving transparency to rebuild trust among local and foreign investors.
3. Promoting Micro, Small, and Medium Enterprises (MSMEs): Providing targeted credit facilities and technical support to foster entrepreneurship and job creation.
4. Improving Tax Administration: Modernizing tax collection systems to increase state revenue without stifling economic growth.

The minister emphasized that these reforms were contingent on the international community’s willingness to engage in constructive dialogue. “We have a long path ahead, but the reforms are designed to align Syria with global standards and attract long-term investment,” he concluded.

Following Up: Links to Key International Actors

The article also cited statements from a number of international stakeholders. A link led to a press release from the International Monetary Fund (IMF), where the IMF’s executive director for the Middle East expressed support for “a cautious, step-by-step approach” to lifting sanctions, contingent upon reforms in the sectoral and fiscal policies of the country. The IMF highlighted the necessity of maintaining a robust macroeconomic framework to prevent future debt crises.

Another reference directed readers to a UN report on Syria’s post-war reconstruction. The report emphasized the need for “an inclusive, coordinated strategy that involves the UN agencies, regional partners, and the private sector.” It reiterated that the financial aid should be tied to reforms in governance and transparency.

A link to the European Union’s external relations page highlighted the EU’s “new policy framework” for engaging with Syria, which includes a mix of sanctions relief and humanitarian assistance, subject to compliance with international law and human rights standards. The EU’s policy statement underscored the importance of a stable environment for the implementation of aid projects across the country.

The article also referenced the World Bank’s “Syria: Economic Assessment” which identifies key growth opportunities in the renewable energy sector and the development of digital infrastructure. The Bank has already earmarked $200 million for projects in these sectors, conditional upon reforms in the regulatory environment and the establishment of a conducive investment climate.

The Path Forward

The minister’s call is a stark reminder that Syria’s economic recovery is inextricably linked to international cooperation. The reforms he outlined, while ambitious, offer a roadmap for the country to move away from isolation toward a more integrated, diversified economy. His plea underscores a central theme: the global community cannot afford to wait any longer if it is to fulfill its responsibility to a war‑torn population that has already borne the brunt of international economic warfare.

In the coming weeks, the focus will be on whether world leaders, the UN, and international financial institutions will respond to Syria’s urgent appeal. The outcome will set a precedent for how post-conflict economies can be rehabilitated through a combination of external aid and internal reforms. If the international community embraces the minister’s proposals, Syria’s path to economic recovery could accelerate, providing relief for millions of Syrians and contributing to regional stability.