Syria’s Finance Minister, Mohammed Yosr Bernieh, announced the arrival of the first International Monetary Fund mission from the Fiscal Affairs Department to provide technical assistance on preparing the general budget and on public financial management.

The mission arrived in Damascus on Monday, October 27, and is scheduled to remain for five days, Bernieh said on his personal Facebook page.

Bernieh noted that a meeting with the mission is planned for Thursday to discuss its preliminary report, adding that the team has a busy schedule of meetings at the Finance Ministry and the Central Bank of Syria.

The minister said the visit represents the beginning of technical cooperation with the Fund, which will extend to other areas in the coming weeks and months.

In an earlier post, the minister summarized key outcomes of the Syrian delegation’s meetings with the IMF and the World Bank. These included appointing a resident representative of the IMF in Syria and opening a World Bank office in Damascus, which he said would help implement projects and technical assistance.

According to Bernieh, IMF-related outcomes included:

• Agreement on several streams of technical assistance covering fiscal and banking reform, public finance, statistics, and public debt management.
• Understanding to receive an IMF mission within six months, which would provide valuable material for investors interested in Syria and could pave the way for agreement on an economic and fiscal reform program not tied to lending, known as a Staff Monitored Program.
• Lifting of prior security restrictions that had prevented IMF missions from operating in Syria.

Technical support readiness

IMF Communications Director Julie Kozack said the Fund is ready to provide advice and technical assistance to Syria following the announcement by the United States and the European Union that sanctions have been lifted.

During a press briefing on 22 May, Kozack said Syria needs substantial support to rebuild its economic institutions, adding that the Fund stands ready to offer targeted and prioritized technical advice in its core areas of expertise.

She said IMF staff are prepared to support international efforts to help rehabilitate Syria’s economy once conditions permit.

The IMF last assessed Syria’s economic policies in 2009, according to Kozack, who added that lifting sanctions is expected to support Syria’s efforts to overcome economic challenges and advance reconstruction.