Finance Minister Yasser Barnea met on Sunday in Damascus with an IMF technical mission led by Brian Patersby to discuss launching the second phase of the project to build a medium-term macroeconomic forecasting model and financial framework.
The Ministry of Finance stated in a post on its Telegram channel that this phase aims to establish the medium-term financial framework, which has become part of fundamental financial system reforms, enabling the integration of revenue, expenditure, and public debt indicators to achieve financial goals based on economic forecasts, reliable models, and effective risk management.
Quarterly reports on economy and public finance
The meeting addressed the preparation of brief quarterly reports on macroeconomic and public finance developments, updating data and statistics, and monitoring economic updates. Both sides also discussed developing economic models, enhancing the technical capacities of staff in economic analysis and forecasting, and improving tools for formulating fiscal policies.
Review of the organizational structure of the fiscal policy department
The ministry noted that the meeting discussed the preparatory plan for Article IV consultations under the IMF’s founding agreement. It indicated that the IMF team would review the ministry’s estimates and analysis of economic forecasts and financial risks, alongside reviewing the organizational structure of the ministry’s fiscal policy department.
Article IV consultations, stipulated in the IMF’s founding agreement, allow for periodic assessment of member countries’ economic and financial conditions, discussion of economic policies with relevant authorities, and recommendations regarding economic, monetary, and financial stability.
Previously, on September 24, Finance Minister Yasser Barnea met with the IMF mission to discuss the preliminary report on technical assistance in government financial statistics, reviewing consultation outcomes and initial results according to the Government Finance Statistics Manual (GFSM), which serves as the international standard for preparing government financial statistics.
Source: Syrian Arab News Agency (SANA)
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