IMF and World Bank support Syria’s economic recovery and reintegration

By Al Mayadeen English
Source: Agencies
25 Apr 2025 10:29

The IMF and World Bank pledge support for Syria's reintegration into the global economy, focusing on rebuilding institutions and aiding economic recovery after years of war.

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Forum Debate on the Global Economy during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Thursday, April 24, 2025. (AP)

The leaders of the International Monetary Fund (IMF) and the World Bank have voiced strong support for Syria’s economic recovery and its reintegration into the international community. This comes as part of a joint statement released on Thursday during the IMF World Bank Spring Meetings in Washington.

The statement, issued alongside the Saudi finance minister, followed the participation of Syria’s central bank governor and finance minister in the event, marking the first time in over two decades that Syrian officials attended such high-level international economic discussions.

Representatives from the IMF and World Bank held talks with Syrian authorities and various stakeholders in Washington. This engagement underscores a shift towards facilitating Syria’s international reintegration after years of isolation due to the prolonged war.

IMF, World Bank back Syria’s recovery and reintegration efforts

The statement noted, "There was broad recognition of the urgent challenges facing the Syrian economy and a collective commitment to support the authorities' efforts for recovery and development. Priority will be given to efforts to meet the critical needs of the Syrian people, institutional rebuilding, capacity development, policy reforms, and the development of a national economic recovery strategy."

The IMF and World Bank Group (WBG) were urged to play a central role in this process, providing assistance in line with their mandates and reflecting the support of their shareholders, in close cooperation with multilateral and bilateral partners. The statement further emphasized, "We welcome the efforts to help Syria reintegrate with the international community and unlock access to resources, to support the authorities' policy efforts, address early recovery and reconstruction needs, and promote private sector development and job creation. We also support the Syrian authorities’ efforts to strengthen governance and increase transparency as they build effective institutions that deliver for the people of Syria."

Syria’s economy has been devastated by nearly 14 years of war, resulting in widespread poverty, mounting fiscal deficits, and the collapse of essential infrastructure. The renewed support from the IMF and World Bank marks a step toward reviving the country’s economy and facilitating its return to the global financial system.

The wider context

The IMF World Bank Spring Meetings, held this week in Washington, brought together global financial leaders, policymakers, and central bank officials to address pressing economic challenges facing the international community. Key discussions centered on global inflation, debt sustainability in developing countries, and strategies for promoting inclusive growth amid ongoing geopolitical tensions. The meetings also emphasized the need for coordinated action on climate change financing, with several nations calling for increased support for green energy transitions in vulnerable economies.

One of the notable developments reportedly was the renewed focus on war-affected regions. Additionally, debt relief mechanisms for low-income countries and the reform of multilateral lending practices are on the agenda. The meetings concluded with a collective call for stronger international cooperation to stabilize markets and support recovery efforts worldwide.