The International Monetary Fund concluded its first staff mission to Syria since 2009, as the country's new government seeks to rebuild its economy following the fall of Bashar Al Assad's regime in December.
Syria will need “substantial international assistance” to assist in recuperating its economy, meet humanitarian demands and rebuild infrastructure, the fund said on Tuesday, following the staff's visit from June 1 to 5. Estimates to rebuild Syria's economy – shattered by years of civil war – range from $250 billion to $500 billion.
“Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size,” said Ron van Rooden, the IMF's mission chief to Syria.
The World Bank previously estimated Syria's economy had contracted by 60 per cent since 2011, with the UN reporting more than six million Syrian refugees now live in neighbouring countries.
“There is great urgency to address these challenges and achieve a sustainable economic recovery, including to absorb the increasing number of returning refugees,” Mr van Rooden said.
The IMF said its discussions with Syrian officials were centred on near-term policy priorities including adopting a budget for the remainder of this year and ensuring assistance is provided to the most vulnerable members of the population.
They also discussed the need for improving the tax and customs regime, strengthen public financial management, ensure price stability and rehabilitate the payment and banking systems.
Additional near-term goals include improving investment climate and enhancing data collection.
“The authorities will need strong international support for their efforts,” Mr van Rooden said.
“This includes financial support at highly concessional terms … and extensive capacity development assistance to strengthen economic institutions and upgrade outdated technologies and systems.”
Syria has been gradually reintegrated into the global economy since its interim government took hold in December, with Gulf nations and other international partners moving to support its recovery.
US President Donald Trump's administration began taking steps to ease US sanctions on Syria last month following his visit to the Gulf from May 13 to 16. Those efforts include authorising transactions involving Syrian President Ahmad Al Shara's government, the central bank and state-owned enterprises.
The EU also announced it would lift all economic sanctions on Syria to support its economic recovery.
Saudi Arabia and Qatar also paid off Syria's arrears to the World Bank, clearing another crucial hurdle to receive economic assistance.
Meanwhile, it has received major financial investments from the Gulf including a $7 billion energy infrastructure deal supported by Qatar's UCC Holding, a $6.5 billion aid pledge from international partners and an $800 million port agreement with the UAE's DP World.
Syria is also expected to be fully reconnected to the SWIFT international payment system “in a matter of weeks”, Central Bank of Syria's governor Abdulkader Husrieh, told the Financial Times on Monday.
Syrian officials had attended a high-level round-table hosted by the IMF, World Bank and Saudi Arabia's Finance Minister Mohammed Al Jadaan on the sidelines of the spring meetings in April to discuss the challenges of the country's new government.
IMF managing director Kristalina Georgieva said at the time the fund was focused on rebuilding credible data capability, as well as the country's central bank and its capacity to create revenue.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
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The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Donating your hair
• Your hair should be least 30 cms long, as some of the hair is lost during manufacturing of the wigs.
• Clean, dry hair in good condition (no split ends) from any gender, and of any natural colour, is required.
• Straight, wavy, curly, permed or chemically straightened is permitted.
• Dyed hair must be of a natural colour
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