Syria's return to the Arab group
The Ministry of Finance announced that Syria will return to the Arab group at the International Monetary Fund (IMF), starting from November 1 of the coming month, after having been part of the Russian Union group since 2012. This announcement came in a post published by the Ministry via its Telegram channel on Wednesday, confirming full readiness for the new phase of financial cooperation.
Meetings in Bangkok
In the same context, Minister of Finance Yasser al-Barnawi and Governor of the Central Bank of Syria, Safwat Rusal, met with Ali Al-Housni, the Executive Director of the Arab Group at the IMF, on the sidelines of the annual meetings of the IMF and the World Bank Group held in Bangkok, Thailand. Minister al-Barnawi reviewed with Al-Housni the ongoing work tracks and joint projects between Syria and the IMF, particularly in the fields of technical assistance and capacity building.
Article IV Consultations
He added that the meeting also included preparations for the Article IV consultations of the IMF's Articles of Agreement, looking forward to supporting and following up with the Arab Office. For his part, Al-Housni emphasized during the meeting the Arab Office's commitment at the IMF to follow up on existing files between Syrian ministries, institutions, and the Fund, including technical assistance and capacity building tracks, pointing out the importance of this step in enhancing economic transparency.
Enhancing institutional capacities
For his part, Minister of Finance Yasser al-Barnawi and Central Bank of Syria Governor Safwat Rusal had earlier on Wednesday discussed with Katriona Perfield, Director of the IMF's Capacity Development Institute, ways to enhance the capacities of Syrian institutions in sound economic management. The discussions included support for new training and capacity-building programs, as part of efforts to improve the country's financial and economic performance in accordance with accepted international standards.
Source: Syrian Arab News Agency (SANA)
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