Damascus: Academics and economic experts affirmed the importance of the resumption of technical engagement between Syria and the International Monetary Fund (IMF), viewing it as a fundamental step toward strengthening the country's economic and financial stability. They said it lays the groundwork for restoring confidence with international financial institutions and gradually reintegrating the Syrian economy into the global financial system.
According to Qatar News Agency, Professor at the Faculty of Economics at Damascus University Dr. Ma'ruf Al-Khalaf stated that the resumption of technical engagement between Syria and the IMF, after more than a decade of interruption, reflects an initial international acknowledgment of signs of economic recovery in Syria. These signs are backed by relative improvements in key macroeconomic indicators such as investment levels, GDP, reduced unemployment, improved per-capita income, the gradual return of some refugees, and partial easing of sanctions.
He added that the engagement helps bolster transparency and modernize financial policies, while providing a conducive environment for bilateral and multilateral partnerships that support economic recovery, sustainable development, the exchange of expertise, and capacity building within the financial and banking system.
He explained that the proposed intensive program of engagement between Syria and the IMF focuses on capacity building and improving the quality of economic statistics, which is an essential precondition for any serious reform. Among its most notable expected outcomes are curbing inflation through supporting contractionary monetary policy, improving tools to monitor the money supply, managing exchange and interest rates, enhancing public revenues through tax system reform, broadening the tax base, implementing electronic invoicing, and improving public debt management through developing a medium-term strategy and updating monitoring and analytical tools.
Regarding reforming the banking system, he noted that Damascus faces complex structural challenges, including weakened human capital in the sector after years of institutional depletion and migration of skilled workers, erosion of public confidence in the banking system, declining deposits, and outdated legislation that does not align with international standards. Realistic options, he said, include gradually restructuring public banks while strengthening governance, oversight, transparency, and accountability; modernizing banking legislation in cooperation with the IMF, World Bank, and regional financial institutions; and launching intensive training programs to build a qualified banking workforce.
The Damascus University economist clarified that Syria's eligibility for World Bank grants amounting to USD 1 billion over three years is linked to making tangible progress in reforms, particularly in financial transparency, fiscal disclosure, public budget management aligned with fiscal and monetary space, targeted social support for the most vulnerable groups, and transitioning from relief to investment.
For his part, Dean of the Second Faculty of Economics University of Aleppo Dr. Malek Suleiman underlined the improved consumer and investor confidence in Syria, attributing this to positive expectations regarding economic stability, the investment climate, and the gradual return of some economic activities following the easing of certain restrictions and sanctions. He said the economic reform roadmap includes modernizing the tax system, preparing the 2026 budget, and rehabilitating the banking sector to enhance financial stability and improve resource management.
In a similar statement to QNA, he said that the intensive cooperation program with the IMF includes providing technical assistance to improve the quality of economic data and develop institutional capacities. It aims to pave the way for the resumption of Article IV consultations, which are periodic reviews of economic policies that have not occurred since 2009.
HE also said that the cooperation priorities include improving national statistics, particularly GDP and inflation data, to create a reliable information base for effective economic decision-making, explaining that the current cooperation does not involve direct financing or loans but focuses on technical support and capacity building.
Professor Mohammed Ghazal, a researcher in international economics and finance, explained that the return of the technical mission to Damascus after a hiatus since 2009 and the IMF's announcement of an intensive program of engagement with Syria means that the Syrian economy is emerging from a state of statistical and professional isolation, and beginning to be gradually integrated into the usual international monitoring and control system. He pointed out that this return does not mean injecting direct funding, but it allows Syria to build a new record of trust with international institutions and markets and link local reforms to global standards.
Experts point out that continued technical cooperation with the IMF is a key element in supporting the Syrian economic path, contributing to strengthening financial and monetary stability, improving the management of public resources, enabling the building of an accurate information base for economic decision-making, accelerating the pace of reconstruction, and stimulating local and foreign investment, in light of the commitment to reforms and financial transparency.