- An IMF staff team visited Syria for the first time since 2009, to assess the economic and financial conditions in Syria and discuss with the authorities their economic policy and capacity building priorities to support the recovery of the Syrian economy.
- Amidst enormous challenges, the Syrian authorities are determined to rehabilitate Syria's economy. In the near term, it is critical to restore public confidence and macro-economic stability through the pursuit of sound fiscal and monetary policies and create conditions for the private sector to lead Syria's development and growth.
- Syria will need substantial international assistance to support the authorities' efforts to rehabilitate the economy, meet urgent humanitarian needs, and rebuild essential institutions and infrastructure. This not only includes concessional financial support, but also extensive capacity development assistance.
Damascus, Syria: A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Damascus from June 1–5, 2025, to assess the economic and financial conditions in the country, discuss the authorities' policy priorities, and develop a roadmap for capacity building to assist the formulation and implementation of economic policies. At the conclusion of the mission, Mr. van Rooden issued the following statement:
"Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size. Some six million people fled the country, mostly to neighboring countries, and an additional seven million were displaced internally. Output has plummeted, real incomes have fallen sharply, and poverty rates are high. State institutions have been weakened, the delivery of basic services has been disrupted, and large parts of the country's infrastructure have been damaged or destroyed. Humanitarian and reconstruction needs are very large. There is great urgency to address these challenges and achieve a sustainable economic recovery, including to absorb the increasing number of returning refugees.
"The authorities are keen to restore economic growth and improve people's living standards, and they intend to pursue sound economic policies. In this regard, the mission's discussions focused on near-term policy and institution building priorities, including: (i) adopting a budget for the remainder of 2025, identifying available domestic and external resources and ensuring that priority spending needs are met, including the government payroll, basic health and education services, and assistance to the most vulnerable segments of the population; (ii) improving revenue mobilization, by modernizing the tax and customs regime, and by strengthening tax and custom administration, bringing both under the purview of the finance ministry; (iii) strengthening public financial management to improve budget execution and monitoring; (iv) empowering the central bank to ensure price stability and restore confidence in the national currency and adopting a monetary policy framework suited to achieve this; (v) rehabilitating the payment and banking systems, while enhancing the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime, to improve transaction efficiency, rebuild confidence in banks and restart financial intermediation, and allow reconnection with the international financial system; (vi) addressing immediate obstacles to market-based private sector development and improving the investment climate; and (vii) enhancing data collection, processing and dissemination, separate from economic planning, to ensure adequate data to support policy formulation and assessment.
"The authorities will need strong international support for their efforts. This includes financial support at highly concessional terms—given Syria's financing and external sustainability constraints—and extensive capacity development assistance to strengthen economic institutions and upgrade outdated technologies and systems. While the years of conflict and displacement have weakened administrative capacity, staff at the finance ministry and central bank demonstrated strong commitment and solid understanding.
"The mission reaffirmed the IMF's commitment to supporting Syria in these efforts. Based on the findings of the mission, IMF staff is developing a detailed roadmap for policy and capacity building priorities for key economic institutions, notably the finance ministry, central bank, and statistics agency. Staff will coordinate closely with other development partners in formulating this roadmap and ensuring effective support to the Syrian authorities, also considering constraints in absorptive capacity.
"The staff team is grateful to the authorities for the candid and constructive discussions, and for their warm hospitality during this mission, the first in 16 years. The team met with Minister of Finance Yisr Barnieh, Governor of the Central Bank of Syria Abdulkader Husrieh, other senior officials, and representatives of the private sector and state-owned banks."
