Syria’s Finance Minister Reveals Reform Plan to Drive Investment
(MENAFN) Syria’s Finance Minister Yisr Barnieh outlined on Wednesday a strategic reform plan aimed at fostering a business-friendly environment and attracting foreign capital, despite ongoing sanctions. Speaking at the IMF and World Bank annual meetings in Washington DC, Barnieh emphasized the country’s commitment to overhauling its economic framework.
"I'm sure one day, everybody will realize that Syria is a good place to invest," Barnieh declared, highlighting a vision for renewed investor confidence.
The minister expressed optimism fueled by the return of 1 million Syrians this year alone. “You can see the optimism in the eyes of every Syrian,” he said, underlining the public’s hopeful outlook amid reforms.
Barnieh identified rebuilding trust in both public institutions and the private sector as a top priority. Key challenges include restoring Syria’s fiscal credibility, simplifying the complex tax system, and managing its substantial debt load. He further outlined critical efforts to transition towards targeted subsidies, enforce fiscal discipline while addressing basic citizen needs, combat corruption, promote transparency, enhance capacity-building, and develop reform-relevant skills.
On reconstruction funding, Barnieh revealed plans to establish the Syrian Development Fund aimed at financing infrastructure and rebuilding projects. The government is also collaborating with the World Bank to create a trust fund to channel aid from donor nations and international institutions.
Highlighting Syria’s broader ambitions, Barnieh stated that the country seeks to "play a significant role in the wider region’s prosperity through trade and stability," signaling a desire to reintegrate economically with its neighbors.
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