PM: New Credit Line Will Be Opened With Russia

(ST)- Prime Minister, Wa’il al -Halaqi, said the government will soon open a new line of credit with Russia, as a part of the economic measures taken by the government, with the aim of providing goods, foodstuffs and inundating the market. 

Dr. al Halaqi, during a meeting of commercial and industrial activities in the private and economic sector, pointed out the economic measures and legislation adopted by the government in order to provide commodity and goods to flood the market by increasing the activation of credit line with Iran and opening a new credit line again with the Russian Federation soon, in addition to the expansion of the positive intervention outlets, opening large exhibitions for shopping and activating the role of control over the markets. 

The Prime Minister stressed the importance of the central role of the private commercial and industrial sector, which is considered a reservist for the government in the development of the national economy, resources, boosting the country’s potentials, ensuring requisites of living and daily needs of the citizens at affordable prices. 

He stressed that there is strategic actions taken by the Monetary and Credit Council and the Central Bank to ensure the stability of the exchange rate of the Syrian pound, which reflects positively on the reality of commodity prices in the market. 

The government, he added,  is keen to improve the living conditions of citizens and strengthening the capacity of the national economy. 

 Earlier, during a meeting with Russian Foreign Minister, Sergei Lavrov, Deputy Prime Minister, Qadri Jamil, expressed hope “to reach an agreement with Russia on granting Syria a loan by the end of this year, saying that the talk about the size of the Russian loan is premature. 

This government recently agreed on the recommendation of the Economic Committee to facilitate the procedures for the supply of materials and goods of the Islamic Republic of Iran across the line of credit facility agreement, sale pricing mechanism of these materials and expanding sales outlets. 

 The government signed last January the line of credit facility agreement estimated at one billion dollar between the Commercial Bank of Syria and the Export Development Bank of Iran. 

The governor of Central Bank of Syria, Adib Mayaleh, said that Iran has recently made a line of credit to finance the import of goods worth one billion dollars and can be increased immediately after its depletion and another credit line worth at $ 3 billion to finance the needs of Syria of oil and oil derivatives. 

Sharif Al -Khatib