Barnea meets with IMF Managing Director on Syria's financial reform path

Finance Minister Yasser Barnea held talks with Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), on the steps and developments of financial reform in Syria, and preparations to complete the requirements for Article IV consultations under the IMF's founding agreement, on the sidelines of the IMF and World Bank Group annual meetings in Bangkok.

The Ministry of Finance stated via its Telegram channel on Friday that the meeting covered the progress made in financial and institutional reforms being undertaken by the ministry, in coordination with IMF missions, as well as existing challenges and required steps to complete preparations for the consultations.

Barnea outlined the ministry's plans and priorities in the fields of development and financial reform, and its needs for technical support, emphasizing the importance of continuing cooperation and coordination with the Fund and benefiting from its expertise in supporting reform and enhancing the capacities of Syrian financial institutions.

For his part, Azour noted that the number of Fund missions, technical support activities, and workshops dedicated to Syria exceeded 40 activities over a year and a half, including 20 missions that visited Damascus, describing this as the highest level of technical engagement recorded by the Fund in the Arab region during this period. He also praised the progress made by the Syrian government in the path of economic and financial reform.

Article IV consultations, stipulated in the IMF's founding agreement, allow for periodic assessment of the economic and financial conditions in member countries, discussion of economic policies with relevant authorities, and provision of recommendations regarding economic, monetary, and financial stability.

Earlier, on Thursday, Finance Minister Yasser Barnea and Central Bank of Syria Governor Mohammad Safwat Rusal met with Ali Al-Hawsani, Executive Director of the Arab Group at the IMF, on the sidelines of the Fund and World Bank Group annual meetings held in Bangkok.

Source: Syrian Arab News Agency (SANA)