Latest news with #Barnieh
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
World Bank to Support Syria with $146 Million
Taarek Refaat The Syrian government began formal discussions on Sunday regarding a $146 million grant agreement from the World Bank, allocated to repairing electricity transmission lines with Jordan and Turkey, the first step of its kind in nearly three decades. Syrian Finance Minister Mohammed Yusr Barnieh confirmed in a LinkedIn post that technical meetings have begun with the participation of representatives from the Ministries of Finance, Energy, and the Central Bank of Syria, along with independent experts. A large delegation of World Bank experts, including financial, legal, and electricity sector specialists, is also participating in the discussions, in addition to remote participants from Paris and Washington. The minister explained that the government is seeking to finalize all arrangements related to the agreement today and tomorrow, in preparation for presenting the project to the World Bank Board of Directors on June 23 for approval. Barnieh expressed the Syrian government's commitment to implementing the project with high efficiency to ensure its success, which could open the door to a new, doubled grant in the next fiscal year, beginning in July 2025. This grant is the first direct support provided by the World Bank Group to Syria in nearly thirty years. According to observers, this reflects the beginning of cautious international shifts in dealing with the Syrian issue at the economic level, especially in light of the country's urgent need to rehabilitate its infrastructure damaged by the war. Barnieh called on Syrians to be optimistic about their country's future, noting that this step could be the beginning of a broader economic openness that will contribute to reconstruction and improve basic services for citizens. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Reuters
14-05-2025
- Business
- Reuters
Syria's finance minister says foreign investors welcome after US sanctions move
DAMASCUS, May 14 (Reuters) - Syrian Finance Minister Yisr Barnieh made a call to global investors on Wednesday to come do business with Syria after U.S. President Donald Trump's surprise announcement that he would lift all of Washington's sanctions on the country. "Syria today is a land of opportunities, with immense potential across every sector—from agriculture to oil, tourism, infrastructure, and transportation,' Barnieh said in an interview with Reuters at the Finance Ministry in Damascus. "We envision a central role for the private sector in the new Syrian economy. The finance ministry's role is not to spend indiscriminately or act as a regulatory enforcer over businesses, but rather to enable and support growth." A wall outside his office still bore the discoloured outline of one of the many posters of former strongman Bashar al-Assad that used to hang in Syria's public buildings before his ousting by Islamist rebels Hayat Tahrir al-Sham last year. Changes in Syria have been swift since Assad fled to Russia in December of last year. Former rebel commander Ahmed Sharaa was appointed president, formed a government and had quick success garnering Gulf Arab support and getting most European sanctions lifted. The stunning turn of events was capped by a meeting between Sharaa and Trump in Riyadh on Wednesday after Trump's pledge to cease U.S. sanctions imposed on Syria under Assad-family rule, measures widely seen as the biggest external obstacles to the country's economic recovery. Trump has not set out a timeline for removal. "One of the most critical outcomes of lifting sanctions would be Syria's reintegration into the global financial system," Barnieh said. "This would allow us to restore financial flows and attract investments, which are urgently needed across all sectors,' he said, adding that Syrian authorities have already seen strong interest from Saudi Arabia, the UAE, Kuwait, Qatar, and several EU countries, among others. He noted that the government is undertaking a comprehensive overhaul of public financial management, including reforms to the tax system, customs, and banking -- part of a broader effort to modernize an economy long burdened by an oversized public sector. He also struck a cautioning tone, saying that the removal of sanctions would be just the first step in a years-long recovery for a country ruined by 14 years of war. "The lifting of sanctions is not the final chapter," he said. "We cannot afford to become complacent. We are entering a new phase that demands real results and visible progress on the ground."
Yahoo
14-05-2025
- Business
- Yahoo
Syria's finance minister says foreign investors welcome after US sanctions move
By Timour Azhari DAMASCUS (Reuters) - Syrian Finance Minister Yisr Barnieh made a call to global investors on Wednesday to come do business with Syria after U.S. President Donald Trump's surprise announcement that he would lift all of Washington's sanctions on the country. "Syria today is a land of opportunities, with immense potential across every sector—from agriculture to oil, tourism, infrastructure, and transportation,' Barnieh said in an interview with Reuters at the Finance Ministry in Damascus. "We envision a central role for the private sector in the new Syrian economy. The finance ministry's role is not to spend indiscriminately or act as a regulatory enforcer over businesses, but rather to enable and support growth." A wall outside his office still bore the discoloured outline of one of the many posters of former strongman Bashar al-Assad that used to hang in Syria's public buildings before his ousting by Islamist rebels Hayat Tahrir al-Sham last year. Changes in Syria have been swift since Assad fled to Russia in December of last year. Former rebel commander Ahmed Sharaa was appointed president, formed a government and had quick success garnering Gulf Arab support and getting most European sanctions lifted. The stunning turn of events was capped by a meeting between Sharaa and Trump in Riyadh on Wednesday after Trump's pledge to cease U.S. sanctions imposed on Syria under Assad-family rule, measures widely seen as the biggest external obstacles to the country's economic recovery. Trump has not set out a timeline for removal. "One of the most critical outcomes of lifting sanctions would be Syria's reintegration into the global financial system," Barnieh said. "This would allow us to restore financial flows and attract investments, which are urgently needed across all sectors,' he said, adding that Syrian authorities have already seen strong interest from Saudi Arabia, the UAE, Kuwait, Qatar, and several EU countries, among others. He noted that the government is undertaking a comprehensive overhaul of public financial management, including reforms to the tax system, customs, and banking -- part of a broader effort to modernize an economy long burdened by an oversized public sector. He also struck a cautioning tone, saying that the removal of sanctions would be just the first step in a years-long recovery for a country ruined by 14 years of war. "The lifting of sanctions is not the final chapter," he said. "We cannot afford to become complacent. We are entering a new phase that demands real results and visible progress on the ground."
Leaders
09-05-2025
- Business
- Leaders
Qatar to Support Syria, Pay Syrian Salaries
Syria's Finance Minister Mohammed Barnieh said that Qatar would assist the new government to pay public sector salaries for the coming months, according to Arab News. 'We thank the Qatari government for the generous grant provided to pay part of the current wages and salary bill,' Barnieh said in a statement carried by state news agency SANA. The minister also noted that the process of paying wages had been exempted from US sanctions. In this regard, he expressed his sincere gratitude to the US Treasury 'for the quick response to facilitate the grant'. Through a total of $29 million a month for three months, the extendable arrangement will cover 'wages in the health, education and social affairs sectors and non-military' pensions, according to Barnieh. Since the fall of Bashar al-Assad in December, the new government has been pushing for the lifting of international sanctions. UK Lifts Sanctions on Syria The British government has recently lifted sanctions on Syria's interior and defense ministries marking the latest easing of sanctions following Assad's fall from power. Syria's General Intelligence Directorate, Air Force Intelligence Agency and National Security Bureau were also emitted from the list of entities subject to financial sanctions by the U.K, according to Reuters. Such sanctions were primarily due to the repression of civilian population or 'supporting or benefiting from the Syrian regime.' In this regard, Syrian President Ahmed Al-Sharaa stated that lifting sanctions would prevent another civil war in Syria. 'Any chaos in Syria will damage not just neighboring countries but the whole world,' Al-Sharaa said. Currently, the new Syrian government seeks to restore relations with Western and Arab countries and build new diplomatic relations to boost its stability and security. Related Topics: Syria's Al-Sharaa Emphasizes Indirect Talks with Israel to Calm Tensions Syria's Al-Sharaa to Visit France on May 7 Turkey Rejects Decentralization in Syria Short link : Post Views: 1
Express Tribune
08-05-2025
- Business
- Express Tribune
Qatar to help Syria pay salaries, says minister amid US silence
This handout picture released by the official Syrian Arab News Agency (SANA) shows Syria's interim president Ahmed al-Sharaa (L) being received by Qatar's Emir Sheikh Tamim bin Hamad al-Thani (R) in Doha on April 15, 2025. File Photo: AFP Syria's finance minister has said Qatar will help the Islamist-led government to pay public sector salaries for the coming months through a mechanism he said had been exempted from US sanctions. There was no immediate announcement from either the Qatari government or the US Treasury. "We thank the Qatari government for the generous grant provided to pay part of the current wages and salary bill," Finance Minister Mohammed Barnieh said in a statement carried by state news agency SANA late Wednesday. The extendable arrangement is for "$29 million a month for three months" and will cover "wages in the health, education and social affairs sectors and non-military" pensions, he said. The move "was exempted from US sanctions", he added, expressing thanks to the US Treasury "for the quick response to facilitate the grant". Syria's Islamist-led interim authorities have been pushing for the lifting of international sanctions since they ousted longtime strongman Bashar al-Assad in December following nearly 14 years of civil war. Barnieh expressed hope the move would be "followed by other steps to strengthen confidence, and towards more measures to reduce the sanctions". Alongside its ally Turkey, Qatar is one of the main backers of the Islamist authorities. In January, a diplomatic source told AFP that Qatar was weighing a plan to provide the new authorities with funds to raise public sector salaries. Barnieh said "the grant will be managed by the United Nations Development Programme (UNDP) and covers around a fifth of current wages and salaries". "We are continuing with financial reform to strengthen the integrity and confidence in our financial system," he said. While some Western governments have eased sanctions on Syria, Washington has said it will not do so until it has has verified progress on priorities including acting against "terrorism". Speaking Wednesday on his first visit to Europe, Sharaa said continued EU sanctions were unjustified. French President Emmanuel Macron urged a continuation of "the gradual lifting of European economic sanctions" if the new Islamist authorities stabilise the country.
