Syria in contact with World Bank team on financial ties, banking reforms

By Laith Al-Janaidi and Mohammad Sio

DAMASCUS (AA) - Syrian Finance Minister Mohammed Yasar Barnieh met with the World Bank's specialized technical team on Monday to explore ways to strengthen financial relations and modernize the country’s banking sector, the state-run Syrian Arab News Agency (SANA) reported.

The meeting, held at the Finance Ministry in Damascus, focused on enhancing financial ties and updating various aspects of Syrian banking operations, SANA said. Discussions covered technical and technological improvements to align the ministry’s work with global financial systems, according to the news agency.

Barnieh emphasized Syria's commitment to deepening financial and economic cooperation with the World Bank to benefit the Syrian people, citing the severe damage to the financial and banking sectors caused by the former regime's policies and ongoing international sanctions.

Syria is expected to participate in the annual meetings of the International Monetary Fund and World Bank later this month. Previous World Bank data indicates Syria’s economy lost about 90% of its strength during years of conflict, driven by war and the collapsed regime’s economic mismanagement.

Western sanctions, some eased but others still in place, continue to hinder Syria’s recovery.

Earlier this month, US State Department spokesperson Tammy Bruce said her country would monitor developments in Syria to consider lifting sanctions but outlined strict conditions.

These include Syria’s complete rejection and suppression of terrorism, barring foreign terrorists from official roles, preventing Iran and its proxies from exploiting Syrian territory, destroying chemical weapons stockpiles, aiding in locating missing people, including Americans, and ensuring security and freedom for religious and ethnic minorities, Bruce stated.

Assad, Syria’s leader for nearly 25 years, fled to Russia on Dec. 8, ending the Baath Party’s regime, which had been in power since 1963.

A transitional Syrian administration was declared on Jan. 29, dissolving the constitution, security services, armed factions, the Baath Party, and parliament.