Syria’s fiscal reform and digital finance agenda was discussed at a meeting with the World Bank in Damascus. Syrian Finance Minister Muhammad Yasser Berne received Dalia Khalifa, director of the World Bank’s Middle East Department, and her delegation in the capital on Thursday.
The Syrian Finance Ministry said the meeting addressed support for fiscal, economic and institutional reform programs and ways to strengthen cooperation between the two sides. Berne said they wanted to deepen cooperation with the World Bank in areas of joint work that would support the priorities of the current period and contribute to the reform process.
Social security and housing finance
The meeting also reviewed the current stage of cooperation between the World Bank and Syrian institutions. The participants emphasized the need to accelerate the implementation of projects and programs previously agreed under the grant.
Reforming pension, salary and social insurance systems was among the topics discussed. The participants also considered restructuring the institutions responsible for these areas, developing the housing finance system and updating the relevant legislation.
The sides discussed expanding access to housing finance on suitable terms, as well as improving the governance structures of state-owned economic and financial institutions. The gradual transformation of some institutions into joint-stock companies and support for digital transformation in the financial sector were also on the agenda.
Digital payments and the return of displaced people
The meeting also considered a proposal to establish an information center for public-private partnerships to support development projects. The participants discussed efforts to improve livelihoods and strengthen social protection for groups in need, alongside public finance policies and the economic growth rate.
The sides also discussed the “Syria Without Camps” initiative. The possibility of contributing to the voluntary and safe return of displaced people through the World Bank’s multisectoral projects, as well as improving the business environment and investment conditions, were among the issues addressed.
World Bank representatives said technical support would continue. Preparations are ongoing to send expert delegations to Damascus in the coming period to monitor reform and economic development efforts.
Grant to modernize the financial sector
The meeting took place several days after the World Bank decided to provide Syria with a $100 million grant to support the creation of a modern, secure and digital financial sector.
The World Bank’s board of directors approved the grant on August 6 through the International Development Association. The funds will be used under the “Syria Financial Sector Modernization Project” to make financial transactions more secure, faster and more transparent and to establish the conditions needed to expand access to financial services.
The project aims to restart the financial sector’s core systems, support the completion of at least 15 million retail electronic payment transactions annually and encourage the use of digital payments.
