Washington dc: Syria's Finance Minister Yisr Barnieh announced that the nation's reform agenda is centered on fostering an ecosystem conducive to private sector growth and attracting foreign investment. Speaking at the IMF and World Bank annual meetings, Barnieh expressed confidence in Syria's potential as an investment destination, despite ongoing challenges.

According to Anadolu Agency, Barnieh emphasized that reforms are being implemented regardless of existing sanctions. He expressed optimism, citing the return of one million Syrians to their homeland since the beginning of the year as a hopeful sign. Barnieh identified his primary objectives as restoring confidence in both public and private sectors, regaining fiscal credibility, and addressing the nation's complex tax structure and debt burden.

Barnieh outlined additional challenges, including the need to transition to targeted subsidies, maintain fiscal discipline while meeting basic needs, combat corruption, ensure transparency, and build the necessary skills for reform. A significant part of the strategy involves establishing the Syrian Development Fund to finance infrastructure and reconstruction projects, alongside efforts to create a trust fund with the World Bank for support from donor countries.

Addressing the issue of sanctions, Barnieh noted that Syria is not using them as an excuse to delay reforms. He expressed optimism about the potential lifting of US sanctions under the Caesar Act, following President Donald Trump's decision to lift broad sanctions in July. Barnieh highlighted Syria's positive dialogue with US and global regulators on combating money laundering and terrorist financing, and expressed confidence in Syria's removal from the FATF Grey List.

Since the new government took office in January, following the ousting of the Baath Party regime, Syria has been pursuing fiscal and economic reforms to enhance foreign investment opportunities.