São Paulo – Syria’s economy is recovering at an accelerated pace at a time when consumer and investor confidence is on the rise. This is the assessment of a team from the International Monetary Fund (IMF), which met with local authorities between February 15 and 19 in Damascus to evaluate economic performance data.
At the end of the meetings, the mission chief, Ron van Rooden, issued a statement saying that economic growth is also the result of the easing of international sanctions against Syria as the country reintegrates into the regional and global economy. “Progress toward national reconciliation, the continuing return of refugees, increased electricity provision and rainfall, and several large new investment projects bode well for growth prospects for 2026 and beyond,” Rooden said.
The fund’s mission noted that this year’s budget provides for a substantial increase in spending on Health and Education, as well as salary adjustments and infrastructure rehabilitation, and assessed that the country’s revenue projections are “ambitious but feasible.” The fund reported that local authorities acknowledge that social spending needs to be protected in any potential budget reallocations. A new government took office at the end of 2024.
The IMF staff team stated that it will be necessary to support the Central Bank of Syria in strengthening its independence and its ability to ensure price stability. The monetary authority, the fund noted, managed to maintain tight monetary control despite various constraints, resulting in a decline in the inflation rate.
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Translated by Guilherme Miranda
