Syria—IMF Staff Concludes Staff Visit to Damascus

IMF News, November 17, 2025

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A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Damascus from November 10–13, 2025.
Press Release No. 25/377.
The mission will not result in a Board discussion.
The staff team met with Minister of Finance Yisr Barnieh, Governor of the Central Bank of Syria Abdulkader Husrieh, and other senior officials.
IMF Communications Department media relations: PRESS OFFICER: Wafa Amr; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.

Syria’s economy is showing signs of recovery and improving prospects.
Drivers cited: improvement in consumer and investor sentiment under Syria’s new regime; Syria’s gradual re-integration with the regional and global economy as sanctions are being lifted; and the return of more than one million refugees.
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.

Fiscal discussions focused on the formulation of the 2026 government budget.
The 2026 budget aims to increase fiscal space for meeting essential needs, including for social sectors to support the most vulnerable, while ensuring that it is based on ambitious but realistic revenue and financing assumptions.
IMF staff will provide extensive technical assistance to strengthen the fiscal framework by helping to:
- (i) improve public financial management and revenue administration;
- (ii) finalize new tax legislation;
- (iii) develop a strategy to address Syria’s legacy debts and strengthen debt management.
Guidance on tax policy: the new tax regime should be simple, competitive, and easy to administer, while avoiding generous exemptions and creating room for arbitration and avoidance.
Guidance on investment and SOE restructuring: as authorities restructure state-owned enterprises and pursue large investment projects with the private sector, it is important to adhere to good governance standards and ensure that the Ministry of Finance plays a key role in assessing and controlling potential contingent liabilities.

Staff initiated discussions on developing an appropriate monetary policy framework to support low and stable inflation, while considering current challenges in the financial system.
IMF staff will provide technical assistance to support the authorities with:
- (i) the formulation of new financial sector legislation and regulation;
- (ii) the rehabilitation of the payment and banking systems, to ensure that the financial system can facilitate safe and efficient payments, banks can resume their crucial role in financial intermediation and support the economic recovery;
- (iii) rebuilding capacity at the central bank to ensure it can effectively implement monetary policy and supervise the financial system.

Reliable economic data remain scarce but are essential for formulating, implementing, and monitoring economic policies.
Technical assistance will focus on improving statistics, which would also help pave the way for the resumption of Article IV consultations with Syria.
The last Article IV consultation with Syria was concluded in 2009.
Technical support is already underway to improve national accounts data and will be expanded to cover price, balance of payments, government finance, and financial statistics.

An intensive program of engagement was agreed for the period ahead.
The mission reaffirmed the IMF’s commitment to support the authorities in their efforts to rehabilitate Syria’s economy and key economic institutions.
Staff discussed detailed reform roadmaps for the fiscal and financial sector, which will also help facilitate coordination among development partners.
The staff team expressed gratitude to the authorities for candid and constructive discussions and for their hospitality during the mission.

International Monetary Fund — End-of-Mission press release from the IMF staff team led by Ron van Rooden (November 10–13, 2025).