Managing Director of the International Monetary Fund: We are ready to support Syria and have begun communication with its officials

The Managing Director of the International Monetary Fund, Kristalina Georgieva, stated, “We are ready to support Syria, and communication has already begun between our staff and Syrian officials to understand the needs of key institutions in the country, such as the Central Bank of Syria.”

Georgieva added in an interview with AlSharq TV on the sidelines of the AlUla Conference on Emerging Market Economies, which kicked off in AlUla, Saudi Arabia, yesterday: “The current communication aims to obtain support that enables them to build the capacities of institutions so that they can operate efficiently for the benefit of the economy and the people.”

Regarding the time it may take for the IMF to bridge the data gap and launch a preliminary program, she said: “It depends on the authorities in Damascus; they are the ones who decide the nature and speed of communication. Syria is an extremely important country for its people and for the entire region, and we will act as much as circumstances allow there.”

This communication comes after a 16-year hiatus, which has created a gap in data and information for the IMF regarding the reality of the Syrian economy. Reports from the World Bank and the United Nations indicate that reconstruction costs in Syria could reach up to $300 billion.

It is worth noting that the AlUla Conference on Emerging Market Economies launched its first edition yesterday in AlUla, Saudi Arabia, with the participation of Foreign Minister and Expatriates Mr. Asaad Al-Shaibani. The conference discussed lifting sanctions on Syria to enable it to prosper and recover economically, a road map for its economic vision, its representation in the World Bank and IMF, exploring technical assistance from them, and reintegrating the Central Bank of Syria into the international system.

Souha Suleiman