Damascus: Syrian Minister of Finance Mohammed Yasser Barnieh affirmed that cooperation with the Qatar Fund for Development (QFFD) in the project to assess the financial and banking sector represents an important strategic step in a qualitative transformation phase that the Syrian economy is witnessing, towards a model based on productivity and attracting investments, after years of stagnation and challenges imposed by the war.
According to Qatar News Agency, the Syrian Minister of Finance spoke about the features of the economic transformation, the current challenges, and prospects for international cooperation. Barnieh emphasised that the cooperation with the QFFD is pivotal in moving the Syrian economy from a rentier model based on central planning to one that relies on private sector leadership and attracting investments. He highlighted that Qatari support is a fundamental lever for economic reform projects, particularly in the financial and banking sector, which are crucial for rebuilding the national economy.
Barnieh elaborated on the structural challenges facing Syria's financial sector, including capital shortages, currency value decline, shrinking economy size, and disconnection from international financial markets. These challenges have led to decreased reinsurance relationships and reduced correspondent banks. He pointed out a gap in communication with foreign capital and international investors, emphasizing the need for updated laws and regulations to attract and direct financing towards productive sectors effectively.
The minister also addressed the depletion of human resources due to the emigration of specialized experts, necessitating efforts to attract them back and qualify local personnel through training programs. He noted the weakness of infrastructure and financial technologies, particularly under sanctions restricting access to modern financial tech.
Barnieh stressed the necessity of integrating financial and monetary policies with effective governance and anti-corruption measures, alongside comprehensive restructuring of the financial and banking sector, to restore balance and attract investments. He mentioned ongoing efforts to establish a specialized academy for financial skills and plans to transform the accounting and auditing board to promote governance within financial institutions.
He discussed the preparation of a medium-term financial framework aimed at achieving a balanced budget that fosters economic growth while maintaining fiscal discipline. This framework seeks sustainable funding sources for public finances, contributing to improved living standards.
The minister confirmed continuous communication with international financial institutions for technical expertise and capacity building, welcoming donor and development partner contributions to reform programs. Cooperation with the World Bank and IMF is frequent, focusing on public finance, economic policies, and statistics, with support enhancing international credibility and reforms.
Barnieh acknowledged the role of international institutions like the International Finance Corporation and Multilateral Investment Guarantee Agency in boosting investor confidence. He expressed gratitude to countries, notably Qatar, for supporting Syria's reintegration into the international economic system.
He concluded by affirming the government's commitment to comprehensive and sustainable economic growth, focusing on job creation and improving conditions for low-income groups. Key sectors prioritized include electricity, oil, gas, communications, insurance, agriculture, health, education, tourism, and infrastructure. The government aims for accelerated growth to double the economy's size in five years, inviting investors to seize available opportunities while ensuring shared economic benefits.