Syrian Finance Minister Mohammad Yasser Al-Barqawi and Central Bank of Syria Governor Safwat Rusal participated in the International Meeting of Finance Ministers and Central Bank Governors for the Middle East, North Africa, and Central Asia region at the International Monetary Fund (IMF), attended by IMF Managing Director Kristalina Georgieva.
The meeting took place on the sidelines of the Annual Meetings of the IMF and the World Bank Group held in Bangkok, Thailand, from October 12 to October 18, where discussions focused on the economic repercussions of geopolitical developments.
Syria Proceeds with Economic Reforms
Minister Al-Barqawi clarified that international developments have affected the region's economies, with a greater impact on post-conflict countries facing limited fiscal space and an urgent need to rebuild the economy and institutions, as is the case in Syria.
He pointed out the reflection of these developments through rising fuel and food prices and their impact on living standards, affirming the Syrian state's determination to proceed with economic and financial reforms to enhance stability and sustainability.
Sustainable Support Pathways and Digital Financial Reforms
Minister Al-Barqawi stressed that Syria requires long-term commitment to support, not temporary or seasonal support, which should include policy advice, capacity building, technical assistance, and access to concessional financing.
The Finance Minister welcomed the ongoing preparations with the IMF to receive a staff mission for Article IV consultations under the IMF's Articles of Agreement, which the Syrian state requested, emphasizing the importance of these consultations in strengthening economic and financial reform pathways.
Al-Barqawi highlighted the importance of leveraging new reports and tools being developed by the IMF regarding the use of artificial intelligence in economic and financial policies, particularly in public finance, to enhance compliance, curb corruption, and combat tax evasion.
Earlier, on Tuesday, Finance Minister Mohammad Yasser Al-Barqawi and Central Bank of Syria Governor Safwat Rusal held a joint meeting with World Bank Group President Ajay Banga to discuss recent developments in funding provided to Syria, the progress of projects being implemented by the Bank, and ways to enhance cooperation to support economic recovery.
Source: Syrian Arab News Agency (SANA)
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