Syria's efforts to reconnect with the international community after a nearly 14-year civil war will take the new Damascus government to Washington for the 2025 World Bank and International Monetary Fund annual meetings.
The annual meetings bring together the world's finance ministers, central bankers and private-sector executives to discuss the global economic agenda and support programmes for some of the Bretton Woods institutions' member countries. It also gives foreign officials a chance to meet their US counterparts and have a better understanding of Washington's agenda.
This year's gatherings come amid a shifting economic and political backdrop dominated by trade tensions and high government debt burdens, as well as President Donald Trump's push to align both the World Bank and IMF – of which the US is the largest shareholder – to adhere more with his administration's interests.
A new threat by Mr Trump, where he said China would face a 100 per cent tariff beginning in November, heightened these trade tensions in the days leading up to the meetings.
It also comes on the heels of the United Nations General Assembly in New York a few weeks ago, where Syrian President Ahmad Al Shara declared that his country is back on the global stage after the fall of the Assad regime.
Syria reconnection and reconstruction
Officials from Syria's new government are due to return to Washington roughly seven months after the spring gatherings – the first visit by Syrian officials to the US since Bashar Al Assad's regime fell late last year.
Syria has been seeking to rally support from the international community to help its reconstruction and recovery needs, whose estimated costs range in the hundreds of billions of dollars. The US Senate on Thursday night vote to repeal the Caesar Act, a 2019 law that imposed severe sanctions on entities and officials tied to the Assad regime. The repeal of the law, part of a broader US Defence Department budget that must be signed by Mr Trump, was seen as a crucial step towards reconnecting Syria to the global financial system.
But hurdles remain, including the question of the permanence of sanctions relief, as well as its elections and lingering questions of how the new government and its banking sector will handle anti-money laundering and counter-terrorism financing efforts.
I think it's hard for the multilateral organisations to do much on the financing side until either there's a more permanent government in Syria, but also perhaps more sanctions relief
Rachel Ziemba,
Ziemba Insights
“I think it will be interesting to see how the Syrian government responds to those asks,” said Rachel Ziemba, founder of geopolitical risk firm Ziemba Insights, adding that there are also questions on how Syria's acting government will also work with technocrats coming into its central bank.
Syria made inroads with its appeals to the international community in April, with a round-table that included with World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva and Saudi Finance Minister Mohammed Al Jadaan to address Syrian needs, which built on talks held in AlUla in February. Ms Georgieva at the time said the fund's initial priorities would be building credible data capability and rebuilding the functioning of the country's central bank and tax policy.
“I think it's hard for the multilateral organisations to do much on the financing side until either there's a more permanent government in Syria, but also more permanent sanctions relief.”
Tariffs and the global economy
Recent data has shown that the world economy, and the US economy in particular, has so far been resilient to the tariff shock first introduced by Mr Trump earlier this year.
“Better than feared, but worse than we need,” Ms Georgieva said in remarks at the Milken Institute last week.
The IMF's economic forecast from July projected the global economy to grow at a 3 per cent pace this year, 0.2 percentage points higher than its April forecast, in part to lower-than-expected US tariff rates on partner countries and a weaker US dollar.
Updated projections from the Peterson Institute for International Economics, a Washington think tank, also bumped up its forecast for global GDP growth to 3.1 per cent this year to 2.7 per cent from last spring, although it expects the economy to slow to 2.9 per cent in 2026.
“That resilience, it's welcome, but I don't think it's likely to last,” Karen Dynan, a non-resident senior fellow at Peterson, told reporters.
Forecasts released by the World Bank last week showed the Gulf region's gross domestic product (GDP) is expected to increase by 3.5 per cent this year, up from its April estimate of 3.2 per cent. For the Gulf, where tariffs have had a limited impact, the question is how much of a softening demand for oil could impact economic growth.
“There's still very much a link from oil prices, global oil demand through to liquidity and economic activity in the Gulf, despite the growth of the non-oil economy,” Ms Ziemba said.
Questions about the dollar – which has depreciated this year amid Mr Trump's tariff agenda – as well as the appetite for US Treasuries and gold have also been raised ahead of this week's gatherings.
Argentina's crisis
The IMF is also contending with a fresh economic crisis in Argentina, which is experiencing a period of market volatility.
The US Treasury on Thursday finalised a $20 billion currency swap framework with Argentina and bought pesos in the open market to help support Argentina's struggling finances. Mr Bessent made the announcement days after meeting with Argentina's finance minister and officials from the IMF, which has a $20 billion programme with the country.
“The success of Argentina’s reform agenda is of systemic importance, and a strong, stable Argentina which helps anchor a prosperous Western Hemisphere is in the strategic interest of the United States,” Treasury Secretary Scott Bessent said in a statement on X.
Mr Bessent said Mr Trump and Argentinian President Javier Milei are expected to meek next week, adding that he plans to see Argentina's finance minister on the sidelines of the annual meetings.
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Mohammed bin Zayed Majlis
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
More from Neighbourhood Watch:
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
