Latest news with #economicRecovery
Al Arabiya
2 days ago
- Business
- Al Arabiya
Saudi foreign minister arrives in Syria for economic talks
Saudi Foreign Minister Prince Faisal bin Farhan arrived in Damascus on Saturday with an economic delegation on a visit to discuss ways to support Syria's war-ravaged economy, authorities said. On a visit to Riyadh earlier this month, US President Donald Trump said he would lift US sanctions on Syria, a move that paves the way for economic recovery in the war-torn country. Syrian Foreign Minister Asaad al-Shaibani welcomed Prince Faisal, who is 'heading a high-level delegation,' on arrival at Damascus airport, a Syria foreign ministry statement said. The pair were scheduled to hold a press conference this afternoon. A Saudi foreign ministry statement said Prince Faisal would meet with President Ahmed al-Sharaa and 'the high-level economic delegation' would hold talks with Syrian officials about ways of cooperating 'that contribute to supporting Syria's economy and strengthen institution building.' In February, al-Sharaa visited Saudi Arabia in his first trip abroad as president. Last month, Saudi Arabia and Qatar announced they would settle Syria's debt to the World Bank totaling roughly $15 million. Damascus is hoping that the lifting of sanctions, particularly by the United States, will pave the way for support from the international community. Years of war and sanctions have battered the country's economy, infrastructure and industry. A recent United Nations Development Program report estimated Syria's 'lost GDP' during the 2011-2024 war to be around $800 billion. Prince Faisal first visited Syria's new authorities in January. with AFP
Khaleej Times
3 days ago
- Business
- Khaleej Times
Syria welcomes Japan's decision to lift sanctions on four banks
Syria has welcomed Japan's decision to lift sanctions and unfreeze assets on four Syrian national banks, calling it a 'positive step' toward the country's economic recovery and reconstruction. Japanese broadcaster NHK World-Japan had reported that its government had decided to partially lift sanctions that had been imposed on Syria. As part of the move, sanctions were lifted on The Industrial Bank, Popular Credit Bank, Savings Bank and Agricultural Cooperative Bank. In a statement issued on Friday, the Ministry of Foreign Affairs and Expatriates said the move to ease restrictions would help bolster financial and economic cooperation between the two nations. 'This decision is a step in the right direction toward achieving stability and prosperity, and advancing Syria's reconstruction process,' the statement said. It added that the lifting of sanctions will facilitate the implementation of development projects across various sectors and help alleviate the hardships faced by the Syrian people. "Syria hopes that this step will pave the way for further openness and constructive cooperation with friendly Japan, based on mutual respect and common interests," it further said in the statement. On May 24, the United States lifted comprehensive economic sanctions on Syria on Friday, marking a dramatic policy shift following the end of Bashar al-Assad's regime and opening the door for new investment in the war-torn country.
Washington Post
3 days ago
- Business
- Washington Post
Readers critique The Post: There is a coup going on. Quit fixating on Biden.
Every week, The Post runs a collection of letters of readers' grievances — pointing out grammatical mistakes, missing coverage and inconsistencies. These letters tell us what we did wrong and, occasionally, offer praise. Here, we present this week's Free for All letters. It was President Joe Biden whose experience and political skills brought about the recovery of the American economy through legislative triumphs such as the Bipartisan Infrastructure Law, the Inflation Reduction Act, and the Chips and Science Act. It was Biden who rushed to the support of Israel and Ukraine after they were attacked, and it was Biden who restored our alliances after the disaster of the first Trump administration. Contrary to Dana Summers's May 21 editorial cartoon, we do know who was president during the Biden administration, and we know who is president now. Consider the contrast.
Reuters
3 days ago
- Business
- Reuters
New Zealand's interest rates in neutral zone, data to decide next move, central bank official says
SYDNEY, May 30 (Reuters) - New Zealand's interest rates are in the 2.5%-3.5% neutral band, with past policy easing yet to flow through to the economy to make future moves more dependent on how the economy evolves, a senior central banker said on Friday. In an interview with Reuters, Reserve Bank of New Zealand Assistant Governor Karen Silk highlighted the enormous global trade uncertainties, but the central projection is for the economy to recover on the back of past easing, offsetting some trade risks. The RBNZ cut interest rates by 25 basis points to 3.25% on Wednesday but signaled it might be nearing the end of the easing cycle, having cut rates by a whopping 225 bps since August. When asked about why there is no need to go below the neutral rate, Silk said rate cuts would take time to flow through and the strong commodity prices are pointing to a buoyant export sector. "The track for (OCR) also indicates that whatever we do is going to be data-dependent, and then we will be looking to the data to help us to decide when or if we cut further from here." Silk said global central bankers cannot simply react to the first thing they see when asked about the latest court rulings on U.S. President Donald Trump's tariffs. "There isn't certainty to where these things land. But what we do know is that we do have heightened uncertainties." A global front-runner in withdrawing pandemic-era stimulus, the RBNZ lifted rates 525 basis points between October 2021 and September 2023 to curb inflation in the most aggressive tightening since 1999. The punishing borrowing costs took a heavy toll on demand and tipped the economy into recession last year. While the economy has emerged from the slump, growth remains weak and is being further hampered by a slowdown in the global economy and the government's tight fiscal policy.
Reuters
4 days ago
- Business
- Reuters
South Korea delivers dovish cut ahead of snap election
SEOUL, May 29 (Reuters) - South Korea's central bank cut interest rates for a fourth time in its current easing cycle on Thursday to support an economic recovery clouded by U.S. tariffs, just days ahead of a presidential election in Asia's fourth-largest economy. The Bank of Korea lowered its benchmark interest rate (KROCRT=ECI), opens new tab to 2.50%, as expected, and almost halved this year's economic outlook to 0.8% on Thursday. That suggests more scope for further easing just as presidential candidates from both major political parties promise bigger fiscal stimulus packages to counter a slowdown. "We of course have downside risks from (U.S.) tariff policy depending on how that goes, which raises the likelihood of further exports deterioration," Governor Rhee Chang-yong said in a news conference. While Rhee acknowledged the possibility that the trade outlook may improve, pointing to a U.S. court's decision to block Donald Trump's tariffs on Wednesday, the BOK remained primed for more support for the economy. Four of the BOK's seven board members said the door for further rate cuts should remain open for the next three months, Rhee said. The broadly dovish outlook pushed June futures on three-year treasury bonds higher. Having taken a relatively shorter period of time to rein in inflation, South Korea's monetary policy is set to be more accommodative by the end of this year than those of the U.S. or Australia and broadly on a par with Canada's and New Zealand's. Analysts see two more rate cuts by the end of this year to 2.00% in South Korea. As one of the world's most export-reliant economies, South Korea is heavily exposed to global trade and is likely to see more fallout from uncertainty caused by Trump's tariffs. Thursday's rate decision comes less than a week before South Korea votes for a new president, ending half a year of political limbo after ousted President Yoon Suk Yeol's failed martial law bid in December. Lower interest rates will be welcomed by the two main candidates, liberal frontrunner Lee Jae-myung and right-winger Kim Moon-soo. Both have pledged immediate spending to restore growth hurt by the enduring uncertainty caused by the Dec. 3 martial law decree. Data showing inflation close to the bank's 2% target and a weaker outlook for domestic activity have both supported arguments for further BOK easing. "It was indeed dovish as (Rhee) pointed to further cuts," said Kong Dong-rak, economist at Daishin Securities, who sees the policy rate reaching 2.25% by the end of this year. "But given that extra budgets are likely and the upside risks to growth, we can't be certain about going as low as 2.0%." South Korea's economy unexpectedly shrank in the first quarter as exports and consumption stalled amid fears over the impact of Washington's aggressive tariffs.
