On the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, DC, Syria’s finance minister, Muhammad Barnieh, held a series of discussions aimed at restarting development programs, addressing outstanding debt, and strengthening fiscal management. The talks also focused on food security challenges as the country continues to navigate economic strain.
OPEC Fund Considers Renewed Engagement
Barnieh met with Abdulhamid Alkhalifa, director-general of the OPEC Fund for International Development, to explore the potential resumption of the fund’s activities in Syria. The Syrian delegation presented three initiatives, including the Syria Without Camps project, a broader recovery plan, and a strategy focused on poverty reduction and improving livelihoods.
Discussions emphasized the fund’s possible role in supporting rural development projects tied to these initiatives. Both sides also addressed Syria’s outstanding debt. They agreed to continue discussions after the Ministry of Finance completes a debt sustainability analysis in coordination with international financial institutions. The meeting concluded with a shared commitment to maintain dialogue on future cooperation and project involvement.
IMF Support Targets Fiscal Reforms
In a separate meeting, Barnieh met with technical staff from the IMF’s Fiscal Affairs Department to review ongoing support and outline next steps. Talks focused on improving public financial management, reforming the tax system, and establishing a clearer framework for state rights in oil and gas contracts.
The discussions also covered efforts to unify public sector accounts and transition to a single treasury account system. Additional areas included preparing the 2027 budget, strengthening public debt management, and enhancing customs operations. Barnieh underscored the need for technical guidance in reforming the country’s salary and wage payment systems.
Both sides agreed to begin remote workshops with ministry staff in the coming week, followed by technical missions to Damascus. A tax reform workshop is scheduled for next month as part of ongoing cooperation.
Food Security in the MENA Region
Barnieh also participated in a high-level workshop organized by the World Bank addressing food security in the Arab world. The session highlighted findings from an upcoming report indicating that over 40% of the region’s population lacks access to basic nutritional needs.
During the discussion, Barnieh pointed to Syria’s focus on agriculture through tax incentives and investment support. He noted that rising global food prices and ongoing economic pressures have increased living costs and inflation, affecting household stability and access to food. He emphasized the importance of expanding social protection programs to assist vulnerable populations and expressed support for the World Bank’s proposed action plan.
Citi Bank Eyes Syria
Barnieh’s meetings also included talks with representatives from Citibank, where discussions centered on developing Syria’s government securities sector. The bank expressed interest in providing technical expertise, investment, and financial technology support. Citi representatives indicated a willingness to enter the Syrian market once conditions allow, signaling potential future engagement as economic reforms progress.
