Syria is moving quickly to rebuild its war-ravaged economy and will not wait for international institutions to take the lead, Finance Minister Mohammed Yisr Barnieh said Wednesday. Speaking at the International Monetary Fund in Washington, Barnieh was part of Syria’s first delegation to the IMF and World Bank’s semi-annual gathering of finance ministers and central bank governors since the civil war erupted in 2011.
Barnieh, serving in the transitional government formed earlier this year by Ahmed al-Sharaa following the ousting of long-time leader Bashar al-Assad, made it clear that Syria intends to push ahead on reforms with or without external financial backing. “Without the IMF and other international financial institutions, Syria cannot move ahead,” he said. “But if you are slow, we will move without you.”
He emphasized that Syria’s immediate need is not money but expertise. “What we need from the IMF and World Bank is capacity building, knowledge transfer, technology, know-how, expertise and so on,” Barnieh explained. “We’re not excluding borrowing down the road, but right now, our focus is on getting our house in order.”
Rebuilding Syria after more than 15 years of conflict is an enormous undertaking. Barnieh estimated the effort could cost “tens of billions” of dollars. His priorities include restoring public and private sector confidence, strengthening fiscal credibility, simplifying the country’s convoluted tax system, and addressing the massive debt burden.
“All of our reforms are aimed at creating an ecosystem that supports private enterprise and attracts foreign investment,” he said. “I’m confident that one day everyone will see Syria as a strong place to invest. My message is simple: Do not wait. The window of opportunity will not last forever.”
On the subject of Syria’s relationship with the United States, Barnieh expressed cautious optimism. Despite ongoing sanctions, he said ties are improving and envisioned American companies, banks, and international organizations playing a role in Syria’s recovery. “We are very optimistic about the Syria-US relationship and the role American and international partners can play in our reforms,” he added.
