Syria's post-war economic recovery will require 'substantial' international support, IMF says
DAMASCUS, Syria (AP) — Syria will need 'substantial international' support for its efforts to rehabilitate the economy, meet urgent humanitarian needs, and rebuild essential institutions and infrastructure, the International Monetary Fund said Tuesday.
Syria cannot afford hundreds of billions of dollars of damages and losses from the conflict that first started as protests in 2011 against former President Bashar Assad 's totalitarian government.
Since current President Ahmad al-Sharaa led an insurgency that ousted the Assad dynasty in December 2024, countries have gradually restored ties with Syria.
During a five-day visit by the IMF in early June — the first to Syria by the 191-country lending organization since 2009 — its team met with officials from the public and private sectors, notably the finance minister and central bank governor.
'Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size,' the IMF said. 'While the years of conflict and displacement have weakened administrative capacity, staff at the finance ministry and central bank demonstrated strong commitment and solid understanding.'
Some 6 million people fled Syria during the conflict, and the United Nations estimates that 90% of those who stayed lived in poverty and relied on humanitarian aid to survive. Half a million people were killed in the conflict.
Damascus now anticipates investments and business projects with Qatar, Turkey, Saudi Arabia, and others, as they reestablish flight paths and hold high-level political and economic meetings.
U.S. President Donald Trump said that Washington will lift decades-long sanctions against Syria, but it is unclear how long that process could take. Britain and the European Union had eased some restrictions.
Meanwhile, oil-rich nations Saudi Arabia and Qatar paid off Syria's debt to the World Bank, valued at near $15 billion.
The IMF said it is developing a roadmap for Syria's policy and capacity building priorities for key economic institutions, including the finance ministry, central bank, and statistics agency.
But Syria has a laundry list of reforms it must undertake, including improving its tax collection system, making sure its national budget can pay public sector salaries and basic healthcare and education, empowering the central bank to take measures to bring back confidence to the local currency, and rehabilitate its outdated and battered banking system in line with international standards.
In 2017, the United Nations estimated that rebuilding Syria would cost about $250 billion. Since Assad was overthrown, some experts say that number could be as high as $400 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Washington Post
an hour ago
- Washington Post
UN to vote on resolution demanding Gaza ceasefire, hostage release and aid access
UNITED NATIONS — The U.N. General Assembly is expected to vote Thursday on a resolution demanding an immediate ceasefire in Gaza, the release of all hostages held by Hamas, and the opening of all Israeli border crossings for deliveries of desperately needed food and other aid. The resolution, drafted by Spain and obtained Wednesday by The Associated Press, 'strongly condemns any use of starvation of civilians as a method of warfare.' Experts and human rights workers say hunger is widespread in Gaza and some 2 million Palestinians are at risk of famine if Israel does not fully lift its blockade and halt its military campaign, which it renewed in March after ending a ceasefire with Hamas . Last week, the U.N. Security Council failed to pass a resolution demanding a ceasefire in Gaza and calling on Israel to lift all restrictions on the delivery of aid. The United States vetoed the resolution because it was not linked to the release of the hostages, while all 14 other members of the council voted in favor. There are no vetoes in the 193-member General Assembly, where the resolution is expected to pass overwhelmingly. But unlike in the Security Council, assembly resolutions are not legally binding, though they are seen as a barometer of world opinion. After a 10-week blockade that barred all aid to Gaza, Israel is allowing the United Nations to deliver a trickle of food assistance and is backing a newly created U.S. aid group, which has opened several sites in the center and south of the territory to deliver food parcels. But the aid system rolled out last month by the Gaza Humanitarian Foundation has been troubled by near-daily shootings as crowds make their way to aid sites, while the longstanding U.N.-run system has struggled to deliver food because of Israeli restrictions and a breakdown of law and order. The draft resolution being voted on Thursday references a March 28 legally binding order by the top United Nations court for Israel to open more land crossings into Gaza for food, water, fuel and other supplies. The International Court of Justice issued the order in a case brought by South Africa accusing Israel of acts of genocide in its war in Gaza, charges Israel strongly denies. The resolution stresses that Israel, as an occupying power, has an obligation under international law to ensure that humanitarian aid reaches those in need. It reiterates the assembly's commitment to a two-state solution to the Israeli-Palestinian conflict, with the Gaza Strip as part of a Palestinian state. The assembly is holding a high-level meeting next week to push for a two-state solution, which Israel has rejected. The resolution supports mediation efforts by Egypt, Qatar and the United States aimed at implementing a January ceasefire agreement. When the U.S. vetoed last week's Gaza resolution, acting Ambassador Dorothy Shea said it would have undermined the security of Israel and diplomatic efforts to reach a ceasefire 'that reflects the realities on the ground.' Like the failed Security Council resolution, the resolution to be voted on Thursday also does not condemn Hamas' deadly attack in southern Israel on Oct. 7, 2023, which ignited the war, or say the militant group must disarm and withdraw from Gaza. Both are U.S. demands. The Hamas-led militants killed around 1,200 people, mostly civilians, and took 251 hostage. About 55 hostages are still being held. Israel's military campaign has killed over 55,000 Palestinians, according to Gaza's Health Ministry. It says women and children make up most of the dead, but doesn't distinguish between civilians and combatants. Israel says it has killed more than 20,000 militants, without providing evidence.
Entrepreneur
an hour ago
- Entrepreneur
"We Got Funded!" Shake Your Plants (SYP) Secure Shark Tank Funding
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Entrepreneurs Lia Coelho and Justine Dampt have never been discouraged from their mission to launch their functional drinks startup Shake Your Plants (SYP). And they got a huge boost with a recent appearance on Shark Tank Dubai that led to an investment of AED1.2 million from Amira Sajwani, Managing Director at DAMAC, Founder of Prypco, co-founder and COO at Amali Properties, in exchange for 20% equity in Shake Your Plants. The deal also comes with a AED2 million line of credit. The female entrepreneurs were also offered deals from fellow Shark Tank Dubai judges Elie Khoury, CEO and Chairman at Vivium Holding, and Mona Ataya, founder of Mumzworld. "We are thrilled to partner with Amira, whose entrepreneurial insight and strategic support will help us scale responsibly while retaining most of our equity through smart capital diversification. She is a strong advocate for female founders, and we will be very proud to be part of her portfolio companies," said Dampt, who welcomed a new baby just two weeks prior to the show which was filmed last year. The SYP founders have bounced back from multiple setbacks but are now enjoying plenty of upward momentum for their brand, positioned as a clean, plant-powered alternative to sugary electrolyte drinks. Image courtesy of Shake Your Plants. Lean and clean Their journey began during COVID-19, when Dampt started experimenting with powders in her kitchen to make a different kind of wellness drink. "We have had a lot of challenges physically (including failed pregnancies) and what really helped us was to keep a lifestyle that was very clean and plant-based," says Dampt. As a health coach and certified nutritionist, she has always recommended people to add more water and more plants to their diets. So the pair started experimenting and came up with Shake Your Plants, which comes in sachets to make an instant hydration drink. "We're challenging people's habits," Coelho explains. "We want to use water as a vehicle for wellness." This means moving beyond traditional electrolyte drinks to create products that support overall health. And they prioritize "ugly" fruits that might otherwise be discarded, turning potential waste into nutritional powerhouses, while reducing waste and their carbon footprint. Their first major hurdle came in summer 2022 when they were forced to recall 80,000 sachets due to crystallization issues, just days before their launch. "We almost did not survive that moment," Dampt recalls. But resilience became their trademark. Instead of giving up, they picked themselves up and recovered. The manufacturer carried out a lengthy investigation before finally recognizing it was its mistake. "I literally sat down for two months in Germany in the office to get our money back on the product, because it was kind of like a make-it or break-it moment," says Dampt. "We had invested a lot of money in this product launch. All the campaign was done and we were ready to go." While others might have decided to quit then and there, something kicked in and the business partners pushed forward. "I don't think we wanted to quit, because we are very resilient people. But it was very difficult because, especially in the beginning, you need to pay everything up front. So we paid for the entire production 100% upfront, and we invested everything that we had," adds Coelho. More water With summer here, hydration becomes even more vital. The SYP founders cite statistics showing that 94% of people are chronically dehydrated, and 92% lack key vitamins or minerals—a clear opportunity to make hydration functional and enjoyable. Currently, the company offers three products focusing on gut health and hydration, and uses natural, carefully sourced ingredients. Its kombucha-based sachets incorporate elements like organic blueberries from the UK and fermented tea from Taiwan. The products are natural, with no added sugars or artificial colors, appealing to health-conscious consumers, while each sachet costs less than AED8.50. But what truly makes Shake Your Plants stand out from the crowd? "The taste," Lia emphasizes. "A drink has to taste delicious for people to want it." While it sounds like a simple philosophy, creating products people genuinely enjoy consuming, not all companies get it right. And they are starting to win fans and followers. They prefer to use micro-influencers to spread the word on social media about their products, and some have approached SYP about doing it for free. A new product is in the pipeline at the end of the year. "I think that it's so important to build a strong community. Everything we're trying to do, the way we're communicating to people on our struggles, the running the business, we're being very open about it. And we're very open about the ingredients that we use," says Coelho. The Female Founder Edge Being women founders brings its own set of challenges. "There's no such thing as balance," Dampt admits. "I'm a full-time founder and a full-time mum." But instead of letting that hinder them, they've used it to sharpen their focus and time management. With eyes on new markets, SYP is preparing to scale into Saudi Arabia and the UK, where consumer testing is already underway. The roadmap also includes new products, targeting everything from sleep to energy, as they continue to broaden their wellness offerings.
Associated Press
an hour ago
- Associated Press
UN to vote on resolution demanding Gaza ceasefire, hostage release and aid access
Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] UNITED NATIONS (AP) — The U.N. General Assembly is expected to vote Thursday on a resolution demanding an immediate ceasefire in Gaza, the release of all hostages held by Hamas, and the opening of all Israeli border crossings for deliveries of desperately needed food and other aid. The resolution, drafted by Spain and obtained Wednesday by The Associated Press, 'strongly condemns any use of starvation of civilians as a method of warfare.' Experts and human rights workers say hunger is widespread in Gaza and some 2 million Palestinians are at risk of famine if Israel does not fully lift its blockade and halt its military campaign, which it renewed in March after ending a ceasefire with Hamas . Last week, the U.N. Security Council failed to pass a resolution demanding a ceasefire in Gaza and calling on Israel to lift all restrictions on the delivery of aid. The United States vetoed the resolution because it was not linked to the release of the hostages, while all 14 other members of the council voted in favor. There are no vetoes in the 193-member General Assembly, where the resolution is expected to pass overwhelmingly. But unlike in the Security Council, assembly resolutions are not legally binding, though they are seen as a barometer of world opinion. After a 10-week blockade that barred all aid to Gaza, Israel is allowing the United Nations to deliver a trickle of food assistance and is backing a newly created U.S. aid group, which has opened several sites in the center and south of the territory to deliver food parcels. But the aid system rolled out last month by the Gaza Humanitarian Foundation has been troubled by near-daily shootings as crowds make their way to aid sites, while the longstanding U.N.-run system has struggled to deliver food because of Israeli restrictions and a breakdown of law and order. The draft resolution being voted on Thursday references a March 28 legally binding order by the top United Nations court for Israel to open more land crossings into Gaza for food, water, fuel and other supplies. The International Court of Justice issued the order in a case brought by South Africa accusing Israel of acts of genocide in its war in Gaza, charges Israel strongly denies. The resolution stresses that Israel, as an occupying power, has an obligation under international law to ensure that humanitarian aid reaches those in need. It reiterates the assembly's commitment to a two-state solution to the Israeli-Palestinian conflict, with the Gaza Strip as part of a Palestinian state. The assembly is holding a high-level meeting next week to push for a two-state solution, which Israel has rejected. The resolution supports mediation efforts by Egypt, Qatar and the United States aimed at implementing a January ceasefire agreement. When the U.S. vetoed last week's Gaza resolution, acting Ambassador Dorothy Shea said it would have undermined the security of Israel and diplomatic efforts to reach a ceasefire 'that reflects the realities on the ground.' Like the failed Security Council resolution, the resolution to be voted on Thursday also does not condemn Hamas' deadly attack in southern Israel on Oct. 7, 2023, which ignited the war, or say the militant group must disarm and withdraw from Gaza. Both are U.S. demands. The Hamas-led militants killed around 1,200 people, mostly civilians, and took 251 hostage. About 55 hostages are still being held. Israel's military campaign has killed over 55,000 Palestinians, according to Gaza's Health Ministry. It says women and children make up most of the dead, but doesn't distinguish between civilians and combatants. Israel says it has killed more than 20,000 militants, without providing evidence.
