IMF ready to provide Syria with support after sanctions lifted

Spokeswoman says fund's staff have been engaged in 'useful talks' with Syrian officials

Syrians celebrate in Damascus following President Ahmad Al Shara's speech after the lifting of US sanctions. EPA

The International Monetary Fund on Thursday said it is ready to provide Syria with technical assistance after the US and European Union lifted sanctions on the country.

IMF staff were said to be preparing to support international efforts to help Syria recover economically.

"We stand ready to provide advice, and targeted and well-prioritised technical assistance in our areas of expertise," IMF communications director Julie Kozack said.

The IMF has had "useful discussions" with Syrian officials and has started working to rebuild its understanding of the Syrian economy, she added. "Syria will need significant assistance to rebuild its economic institutions," Ms Kozack said.

US President Donald Trump last week announced he would lift sanctions on Syria, a major step for the country as it looks to secure economic assistance after a brutal 14-year civil war. Mr Trump also met Syrian President Ahmad Al Shara as part of the US leader's trip to the Gulf.

In a separate announcement this week, the EU announced it would also lift economic sanctions on Damascus.

The World Bank last week said Qatar and Saudi Arabia had paid off Syria's outstanding $15.5 million debt to the institution, paving the way for it to receive support and assistance.

Estimates on the cost of rebuilding Syria vary greatly, but one analysis from the Carnegie Endowment for Peace has it at $250 billion to $400 billion.

Ms Kozack said sanctions relief could support Syria's efforts to address its challenges, and progress with energy construction and economic development.

Syrians celebrate President Trump's decision to remove US sanctions

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US Secretary of State Marco Rubio this week said the move was vital for supporting the new government, but also warned another civil war could potentially be only weeks away. Mr Rubio's warning came after recent attacks by pro-government militias on Syria's Alawite and Druze minorities.

Syria's new government, led by Mr Al Shara, has been seeking to reset relations with western institutions following the toppling of Bashar Al Assad's regime last year.

Mohammed Yisr Barnieh, the country's new central bank governor and finance minister, attended last month's spring meetings in Washington, the first time Syria had been represented in two decades. He attended a roundtable with the World Bank, IMF and Gulf leaders on the country's reconstruction needs.

IMF managing director Kristalina Georgieva, World Bank president Ajay Banga and Saudi Finance Minister Mohammed Al Jadaan said in a joint statement at the time that priority would be given to address the Syrian people's needs, rebuilding institutions, capacity development, policy reforms and developing an economic recovery strategy.