An International Monetary Fund (IMF) delegation visited Syria for the first time in 15 years, signaling renewed engagement with the war-torn nation following the fall of Bashar Assad and years of devastating conflict, the IMF said Tuesday.
The team traveled to Damascus from June 1 to 5 to assess economic conditions and discuss priorities with Syrian officials as the country seeks to rebuild after more than a decade of war.
“Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size,” said Ron van Rooden, who led the IMF mission.
The country’s economy has been severely battered, with millions displaced and much of its infrastructure destroyed. Roughly six million Syrians have fled the country, while another seven million remain internally displaced, van Rooden noted.
“Output has plummeted, real incomes have fallen sharply, and poverty rates are high,” he added. “State institutions have also been weakened, and the destruction of infrastructure has left deep scars.”
The civil war began in 2011 after a violent crackdown on pro-democracy protests. Assad was ousted in December 2023 by a lightning offensive led by anti-regime forces. Syria’s new leadership has since sought to reestablish diplomatic and financial ties with international institutions.
The IMF said it aimed to explore how it could support Syria’s economic recovery and noted that urgent action is needed to stabilize the economy and rebuild public services.
The IMF’s last in-depth assessment of Syria’s economy was in 2009, prior to the onset of the conflict. In April, Saudi Arabia and Qatar announced they would jointly settle Syria’s $15 million debt to the World Bank. The move paves the way for renewed World Bank operations in the country, which were suspended at the start of the war.
The IMF called recent discussions with Syria’s economic team “useful” and said future engagement will focus on policies that support inclusive growth and rebuild economic institutions.
