Latest news with #internationalassistance
The National
3 days ago
- Business
- The National
IMF concludes first mission to Syria since 2009
The International Monetary Fund concluded its first staff mission to Syria since 2009, as the country's new government seeks to rebuild its economy following the fall of Bashar Al Assad's regime in December. Syria will need 'substantial international assistance' to assist in recuperating its economy, meet humanitarian demands and rebuild infrastructure, the fund said on Tuesday, following the staff's June 1 to 5 visit. Estimates to rebuild Syria's economy – shattered from years of civil war – range from $250 billion to $500 billion. 'Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size,' Ron van Rooden, the IMF's mission chief to Syria, said. The World Bank previously estimated Syria's economy had contracted by 60 per cent since 2011, and the UN reporting more than six million Syrian refugees live in neighbouring countries since then. 'There is great urgency to address these challenges and achieve a sustainable economic recovery, including to absorb the increasing number of returning refugees,' Mr van Rooden said. The IMF said its discussions with Syrian officials were centred on near-term policy priorities including adopting a budget for the remainder of this year and ensuring assistance is provided to the most vulnerable members of the population. They also discussed the need for improving the tax and customs regime, strengthen public financial management, ensure price stability and rehabilitate the payment and banking systems. Additional near-term goals include improving investment climate and enhancing data collection. 'The authorities will need strong international support for their efforts,' Mr van Rooden said. 'This includes financial support at highly concessional terms … and extensive capacity development assistance to strengthen economic institutions and upgrade outdated technologies and systems.' Syria has been gradually reintegrated into the global economy since its interim government took hold in December, with Gulf nations and other international partners moving to support its recovery. US President Donald Trump's administration began taking steps to ease US sanctions on Syria last month following his May 13 to 16 visit to the Gulf. Those efforts include authorising transactions involving Syrian President Ahmad Al Shara's government, the central bank and state-owned enterprises. The EU also announced it would lift all economic sanctions on Syria to support its economic recovery. Saudi Arabia and Qatar also paid off Syria's arrears to the World Bank, clearing another crucial hurdle to receive economic assistance. Meanwhile, it has received major financial investments from the Gulf including a $7 billion energy infrastructure deal supported by Qatar's UCC Holding, a $6.5 billion aid pledge from international partners and an $800 million port agreement with the UAE's DP World. Syria is also expected to be fully reconnected to the SWIFT international payment system 'in a matter of weeks', Central Bank of Syria's Governor Abdulkader Husrieh, told the Financial Times on Monday. Syrian officials had attended a high-level round-table hosted by the IMF, World Bank and Saudi Arabia's Finance Minister Mohammed Al Jadaan on the sidelines of the spring meetings in April to discuss the challenges of the country's new government. IMF managing director Kristalina Georgieva told reporters during a press briefing at the time the fund was focused on rebuilding credible data capability, as well as the country's central bank and its capacity to create revenue.
Yahoo
10-05-2025
- Business
- Yahoo
Opinion: International aid and trade fuel Utah's economy
When people hear 'foreign aid,' too often, they picture wasteful spending or endless checks to corrupt governments. But here in Utah, international assistance isn't about charity. It's about strategy. It's about building global markets for our products, creating jobs for hardworking Utahns and ensuring that America, not our adversaries, sets the rules in a fast-changing world. For Utah's economy and for America's future, targeted international assistance isn't just the right thing to do; it's the smart thing to do. Utah isn't just a landlocked state with sprawling mountains and a strong emphasis on family values. It's also a hub of international business. In 2024 alone, Utah exported $18.2 billion worth of goods, supporting an estimated 45,000 jobs in our state. Companies like Adobe, Texas Instruments and Northrop Grumman, which have major offices in Utah, depend on access to stable markets abroad. International assistance helps keep these markets open and growing. When America supports global health, critical infrastructure and education programs abroad, it's not a handout. It's a strategic investment. For example, U.S. assistance programs in Latin America help stabilize local economies and can stem the flood of illegal immigrants flowing to the U.S. This is good for America's borders and for Utah businesses looking for new markets and reliable trading partners. Every well-spent dollar in America's global footprint helps to generate long-term demand for American-made products, including the ones produced right here in Utah. Again, that's not charity — that's economic strategy. Take our agricultural industry: Utah's farmers and ranchers shipped $512 million worth of exports in 2023. When we help developing countries build stronger economies, we are not just providing aid; we are creating future customers for Utah beef, alfalfa and dairy products. The same goes for tech. Utah's growing tech industry thrives in global markets. As middle classes grow in regions once reliant on aid initiatives, they become new markets for cloud-based software, cybersecurity tools and digital services, many of which are developed by Utah companies. Global competition is not taking a break. China is pouring billions of dollars into Africa, Latin America and Southeast Asia through its Belt and Road Initiative, which is all about control, not building goodwill. Every time America withdraws from international engagement, we leave a vacuum that China and Russia are more than happy to fill. That's why it is crucial to ensure that international assistance programs align with our national interests. These initiatives not only help build alliances and promote American values, but also serve as strategic countermeasures to the rising power of authoritarian influence around the globe. Utah's own Sen. John Curtis has argued that U.S. leadership abroad is essential to keeping America and Utah safe and competitive. He's right. By investing in smart programs that support our international partners, we are creating relationships that benefit our state's businesses and help us outpace our rivals. Reform is certainly necessary to ensure that every dollar we spend on international assistance delivers a clear return for the American people. I applaud the efforts of President Trump and Secretary of State Rubio to refocus strategic American aid and development. Ending wasteful spending on programs lacking strategic focus or outdated priorities of previous administrations was long overdue. For Utahns who believe in American exceptionalism, self-reliance and free enterprise, international assistance is a bold assertion of leadership. It's how we shape the global economy to our advantage and protect our values from authoritarian threats. Now is the time to recognize that what happens abroad matters here at home. To protect our workers, farmers and families, we must invest wisely in international assistance programs that put America and Utah first.
Fox News
07-05-2025
- Politics
- Fox News
America needs to 'reform, not retreat' in global assistance programs, says foreign policy org
EXCLUSIVE — Today, the U.S. is confronting increasing threats from adversaries that endanger its national security. The U.S. Global Leadership Coalition (USGLC) has released a blueprint aimed at guiding the U.S. towards international assistance programs that help maintain American dominance on the world stage. "So, we were really interested in writing a blueprint for how America can win in the world in light of the fact that our competitors, you know, China, Russia, Iran, North Korea, are out there playing to win. They are aligned against her interests," USGLC President Liz Schrayer told Fox News Digital. SEC RUBIO SAYS PURGE OF USAID PROGRAMS COMPLETE WITH 83% GONE, REMAINDER NOW FALLING UNDER STATE DEPT In its "Blueprint for America to Win in the World," USGLC outlines 10 recommendations for the Trump administration and Congress to implement "to ensure U.S. international assistance delivers for the American people." The blueprint emphasizes reforming U.S. international assistance programs, not cutting them. "These resources that deliver exactly what President Trump has said he wants to do in terms of peace through strength, which is to outcompete our rivals in China, put America at the front line of delivering for the American people. So, at the end of the day, this is reform, not retreat," Schrayer said. Schrayer explained that the blueprint aligns with Secretary of State Marco Rubio's vision to use international assistance in ways that make the U.S. "stronger, safer and more prosperous." She also said that President Donald Trump's "Peace through Strength" aims are "right on target" for the current global landscape. USGLC's 10 recommendations include unleashing the private sector, promoting "burden sharing" with allies, aligning U.S. international assistance with strategic interests, targeting drivers of instability and more. The organization said in its blueprint that it that it aims to equip America with tools to play both offense and defense. "Targeted, accountable international investments are essential to defend a stable, America-First world order. We are not talking about bureaucratic giveaways without oversight... An engaged America means safer communities at home and abroad," former Sen. Norman Coleman, who serves as co-chair of USGLC. TOP SENATE ARMED SERVICES REPUBLICAN SAYS TRUMP OMB'S BUDGET 'SHREDS TO THE BONE' MILITARY CAPABILITIES Schrayer told Fox News Digital that she has started taking these ideas to Capitol Hill and is meeting with lawmakers at the height of "budget season," making the blueprint timely. While Schrayer is still gathering responses to the blueprint, she said one idea in particular has gotten wide support. USGLC is calling for the creation of an American brand or logo to let those receiving foreign assistance know where it's coming from and who paid for it. She said that America's enemies, like China, are not afraid to take credit for the assistance they provide and it's time for the U.S. to do the same. CLICK HERE TO GET THE FOX NEWS APP "We should have one American flag with a tagline that says, 'From the American people.' Too often when you go out, it's a little bit confusing that it's from the American people because sometimes you can go to a site and you can see a lot of logos of what we're doing. So I think there's a lot of consensus around that one in particular," Schrayer said. USGLC said that it has gotten support for the blueprint from military leaders and national security experts. "You've heard over and over again that nature abhors a vacuum; if we are not engaged, someone else will be. There are lots of countries that have lots more nefarious goals when they go out and engage," former NATO Commander General Philip Breedlove said in a statement.
