Al-Khalil: Promoting local production is the ideal solution to advancing national economy

Damascus, (ST) – The Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, confirmed that promoting local production is the ideal solution to advancing   national economy. He pointed out that the goal of the unilateral coercive sanctions imposed by the United States and Western countries on other countries, including Syria, is to fight peoples for their livelihood.

Minister Al-Khalil said in an interview with the Syrian channel last night : The worsening global economic conditions are due to reasons including the spread of the Corona pandemic and its negative effects on the global production movement. “There is also another matter which caused a deterioration in the economic situation like, the interruption of supply chains and their exposure to repeated interruptions and to the harsh climate changes that have affected many countries of the world and caused them great human and material losses”, he added.

Minister Al-Khalil pointed out that the measures taken by a number of governments to reduce the negative effects of the worsening economic conditions did not bear fruit, but rather made them worse. He explained that central banks in the world are adopting strict measures in their monetary policies by raising interest rates with the aim of withdrawing money from the markets and transferring it to banking channels to reduce the rise in prices in the markets. He indicated that raising interest rates for businessmen and corporate borrowers caused reluctance from investment activity.

Minister Al-Khalil said that the reason for the rise in prices in Syria is due to the rise in global prices and the adoption of previously followed support and employment policies, which constitute a large burden on the state budget, which has deepened the economic problems that now require a rapid review of economic policies.These are a governmental and societal responsibility that includes everyone.

Raghda Sawas​