Minister of Finance Mohammed Yusr Barnieh stressed that cooperation with the Qatar Fund for Development in the financial and banking sector assessment project represents a strategic step in a qualitative transformation phase witnessed by the Syrian economy, stressing that Doha is a key pillar in advancing reform projects and supporting Syria's return to the international financial system.
Transition from rentier economy to productivity
In an exclusive statement to the Qatar News Agency (QNA), Minister Barnieh explained that the Syrian economy is going through a pivotal stage, as it gradually moves from central planning to a model based on private sector leadership and attracting investments.
He pointed out that Qatari investments, especially in the energy sectors, have directly contributed to supporting public economic policies and enhancing the country's capacity for economic advancement.
Structural Challenges in the Face of Isolation
Barnia clearly touched on the challenges facing the financial sector, indicating that they include "capital scarcity" as a result of the depreciation of the currency, the almost complete disconnection from international markets, and the weakening channels of communication with foreign investors.
He also pointed to the challenge of "depletion of competencies" as a result of migration, and the urgent need to modernize the technical and legislative structure that has been affected by years of war and sanctions.
Policy Integration and Anti-Corruption
The Minister of Finance stressed that addressing these crises requires real integration between fiscal and monetary policies, supported by an effective governance system and serious efforts to combat corruption. He stressed that the government is putting improving levels of disclosure and transparency at the heart of reform programs to restructure institutions that have suffered from isolation and mismanagement over the past years.
Finance Academy and Governance Council
Barnia revealed a trend to establish a "specialized academy for financial skills", in addition to a plan to transform the Accounting and Auditing Council into a "Council for Governance, Auditing and Financial Professions", to play a pivotal role in consolidating a culture of integrity.
The Minister of Finance referred to conducting a comprehensive assessment of the gaps in public banks and preparing a medium-term fiscal framework aimed at reaching a balanced public budget that stimulates growth and provides sustainable financing for the treasury.
Continuous communication with international institutions
Regarding international openness, Barnieh stressed that there is "almost weekly" cooperation with the World Bank and the International Monetary Fund in the files of fiscal policies and statistics, praising the role of the Syrian Ministry of Foreign Affairs in mobilizing support. He explained that the involvement of institutions such as the International Finance Corporation sends positive messages that enhance investor confidence, expressing his appreciation to the State of Qatar for supporting this path.
Ambition to double the economy by 2031
The Syrian Minister of Finance concluded his speech by stressing the government's ambition to achieve accelerated growth aimed at doubling the size of the Syrian economy over the next five years, once the reform programs are successful. He reiterated Syria's welcome to investors in the electricity, oil, gas, and agriculture sectors, with a commitment to provide all facilities and ensure that the state does not crowd out the private sector to achieve joint development returns.