RIYADH: Syria’s economy is showing early signs of recovery, with authorities maintaining a tight fiscal and monetary stance despite multiple constraints, an International Monetary Fund team said following a mission to Damascus.
The delegation, led by Ron van Rooden, visited the Syrian capital from Nov. 10 to 13 to assess the economic situation and discuss reform priorities with officials, according to a press release.
At the end of the visit, the mission said signs of economic recovery are beginning to emerge and confirmed that the IMF had agreed with Syrian authorities on an intensive program of engagement and technical assistance for the period ahead.
In a statement, Van Rooden said: “The authorities have been able to adopt a tight fiscal and monetary stance within the many constraints they face, with a view to ensuring economic and financial stability.”
He pointed to several factors supporting the improvement, including a boost in consumer and investor sentiment under the new regime, the country’s gradual reintegration into the global economy as sanctions are lifted, and the return of more than one million refugees.
