Syria takes new measures in response to Ukraine developments

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The Syrian cabinet held today, Thursday, an extraordinary meeting chaired by Hussein Arnous, in which it approved several measures in response to the developments in Ukraine.

In a statement, the cabinet announced that the measures approved in the session were taken "to preserve security and to manage potential repercussions.”

The measures include the implementation of the necessary steps to manage the stocks of basic materials such as wheat, sugar, oil, rice, and potato in the coming two months, and to ensure the sustainability of their availability and the consideration of all options of their import.

The statement added that the Syrian government will also cut public spending to cover only priority sectors to contain the impact of rising commodity prices resulting from the crisis in Ukraine.

The Syrian government also decided to restrict exports of raw materials which would contribute to the stability of the market.

Regarding the banking sector, the Syrian government has decided to tighten control over the exchange market to ensure its stability over the next two months, keep an eye on potential developments and take the relevant necessary measures, rationalize the allocation of resources, and set the appropriate time and monetary programming to finance wheat contracts among other measures.

The Syrian government's measures aim to deal with any economic fluctuations that may affect the Syrian local market directly or indirectly as a result of changes in the global market, particularly in the fields of energy, food, and global transportation, especially since the Syrian economy is primarily beset by difficulties due to a scarcity of basic resources.

On another note, Russia's UN delegation issued a statement denouncing Israeli plans to expand settlements in occupied Golan Heights, considering them an integral part of the Syrian territories.