Finance Minister announces 15-20% spending cuts

DAMASCUS,(ST)_Finance Minister has said the state investment value hit 27% of the 2014 budget compared to 19% in the previous year.

Delivering a statement before the People’s Assembly (PA), Ismael Ismael clarified today that the government will encourage- in 2014 budget -small and medium production processes in safe areas.

“Despite the difficult circumstances which Syria is going through, revenues are still good thanks to diversity of the national economy resources and cut spending by 15-20%,” the minister said.

He noted that the Syrian pound will surge against the dollar if the current political and security circumstances have not changed.

On the other hand, Ismael said the 2014 State budget is based on what is necessary and not on available capabilities, noting that the International Cooperation and Planning Commission is concerned with drawing up the state investment.

The State budget bill for the fiscal year 2014 estimated Syrian Pound 1390 billion.

Basma Qaddour