Syria returns to the Arab group in the IMF and leaves the Russian Federation

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The Syrian Ministry of Finance announced that Syria will return to the Arab group in the International Monetary Fund as of November 1, after being part of the Russian Federation group since 2012.

The Ministry said, in a statement, that the Minister of Finance, Muhammad Yusser Barneyah, and the Governor of the Central Bank of Syria, Muhammad Safwat Raslan, met with the Executive Director of the Arab Group at the International Monetary Fund, Ali Al-Hosani, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group held in Bangkok, Thailand.

Barneyah reviewed with Al-Hosani the existing courses of action and joint projects between Syria and the International Monetary Fund, especially in the areas of technical support and capacity building, in addition to preparations for the consultations of Article Four of the Agreement establishing the International Monetary Fund, looking forward to supporting and following up on the Arab Bureau, according to the Syrian News Agency, SANA.

During the meeting, Al-Hosani stressed the keenness of the Arab Office at the International Monetary Fund to follow up on the existing files between the Syrian ministries and institutions and the Fund, including the paths of technical support and capacity building.

Article Four of the Agreement establishing the International Monetary Fund stipulates: “Bilateral discussions with member countries usually take place on an annual basis. A team of Fund experts visits the member country, collects the necessary economic and financial information, and holds discussions with official officials about economic developments and policies in this country. After returning to the Fund’s headquarters, the experts prepare a report that forms the basis for the Executive Council’s discussions in this regard.”

The Minister of Finance and Governor of the Central Bank of Syria had previously discussed with the Director of the Institute for Capacity Development at the International Monetary Fund, Catriona Berfeld, ways to enhance the capabilities of Syrian institutions for sound economic management, including supporting new programs for training and capacity building.