IMF Conducts First Official Trip to Damascus Since 2009
(MENAFN) Officials from the International Monetary Fund conducted a crucial visit to Damascus between June 1 and 5, aiming to evaluate Syria’s economic and financial landscape and engage with government leaders on policy direction and capacity-building priorities to aid the nation’s economic revival.
This mission was the IMF’s first official trip to Syria since 2009—prior to the outbreak of the 13-year civil war—according to a statement released by the Fund on Tuesday.
"Amidst enormous challenges, the Syrian authorities are determined to rehabilitate Syria’s economy. In the near term, it is critical to restore public confidence and macro-economic stability through the pursuit of sound fiscal and monetary policies and create conditions for the private sector to lead Syria’s development and growth," the IMF said.
The statement underscored that Syria’s recovery will demand significant international support, both financial and technical, to assist authorities in rebuilding the economy, addressing urgent humanitarian crises, and restoring vital institutions and infrastructure. "This not only includes concessional financial support, but also extensive capacity development assistance."
Led by IMF Syria Mission Chief Ron von Rooden, the delegation highlighted the immense challenges Syria faces after prolonged conflict.
The Fund’s report pointed out that about 6 million Syrians have fled abroad, mainly to neighboring states, while 7 million remain displaced inside the country. Economic output has plummeted, real incomes have shrunk drastically, and poverty rates remain alarmingly high.
The country’s state institutions are severely weakened, essential services are disrupted, and infrastructure has been extensively damaged or destroyed, the statement emphasized. The humanitarian and reconstruction demands remain enormous.
"There is great urgency to address these challenges and achieve a sustainable economic recovery, including to absorb the increasing number of returning refugees," it stressed.
Reaffirming its support for Syria, the IMF mission laid out a comprehensive roadmap targeting policy reforms and capacity-building efforts focused on critical economic bodies, especially the Ministry of Finance, Central Bank, and national statistics agency.
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