Syrian finance minister says reforms focus on private sector growth

Syrian Finance Minister Yisr Barnieh has detailed Damascus's economic reform priorities emphasizing private sector expansion and international investment attraction during discussions at the International Monetary Fund and World Bank annual meetings. The minister expressed confidence that "Syria is a good place to invest" despite ongoing challenges, noting reform initiatives continue progressing regardless of international sanctions affecting the country's economy.

Economic recovery indicators

Barnieh identified the return of approximately one million Syrian refugees since January as a significant positive indicator, describing visible "optimism in the eyes of every Syrian" as stabilization progresses. The finance minister outlined key priorities including restoring institutional confidence, streamlining complex taxation systems, addressing substantial national debt burdens, and transitioning from broad subsidies to targeted social support mechanisms while maintaining fiscal discipline.

Reconstruction financing mechanisms

The Syrian official acknowledged the country requires "tens of billions of dollars" for comprehensive reconstruction efforts, revealing government plans to establish a Syrian Development Fund specifically dedicated to infrastructure project financing. Damascus is concurrently collaborating with the World Bank to create a trust fund structure enabling international donor contributions, with Barnieh emphasizing Syria's potential role in regional prosperity through enhanced trade relationships and stability initiatives.

Sanctions environment and financial reforms

Barnieh characterized sanctions as largely "behind us" despite certain restrictions remaining active, expressing expectation that US Caesar Act sanctions would be permanently lifted by year's end. The minister noted constructive engagement with US regulators regarding anti-money laundering and counterterrorism financing measures, expressing confidence Syria would soon exit the Financial Action Task Force's monitoring list following implementation of financial integrity reforms developed with US Treasury and IMF consultation.