Saudi Finance Minister Mohammed Al-Jadaan on Friday declared that the international community supports Syria, noting that many investments are nearing finalization following the overthrow of longtime President Bashar Al-Assad last December.
Al-Jadaan, who chairs the International Monetary Fund’s steering committee, emphasized the duty of the international community to assist Syria after decades of isolation. “We stand with Syria. We believe that they really mean business, and they are genuine in their efforts to do the right thing for their people,” he stated while attending the IMF and World Bank annual meetings in Washington.
Investment Opportunities Emerge
The removal of sanctions by the United States and the European Union has paved the way for private sector investments in Syria. Al-Jadaan remarked, “A lot of investments are now going in that direction. From firsthand knowledge, I know that many investments are being finalized.”
Moreover, IMF Managing Director Kristalina Georgieva confirmed that the IMF collaborates closely with Syrian authorities and the World Bank. Their goal is to help build institutions, such as a central bank, that can anchor development and growth.
Strengthening Economic Foundations
Georgieva stated, “We now have a full-fledged engagement with Syria. An IMF team has already been in Damascus to strengthen the capacity of the central bank.” This visit marked the first time an IMF staff team assessed Syria’s economic and financial conditions since 2009.
Additionally, Georgieva also mentioned that Syria’s finance minister had invited her to visit the country, expressing her willingness to travel there once the ongoing “institutional building” efforts are complete.
As Syria seeks to reintegrate into the international community, these developments signal a significant shift in the region’s economic landscape.
