The World Bank provide Syria with $20 million grant

The $20 million grant approved by the World Bank’s Board of Executive Directors from the International Development Association (IDA) represents a new step in the path of resuming cooperation between Syria and the World Bank Group after many years of interruption, Syrian Finance Minister Mohammed Yusr Barnieh said.

This grant, Syria’s second from the World Bank, aims to enhance the efficiency, transparency and accountability of the use of public funds, contributing to better management of financial resources and supporting financial reform efforts within government institutions, Barnia said.

The Syrian Minister pointed out that one of the most prominent components of the grant is the establishment of a Financial Aid Management Department (SEAFS) within the Ministry of Finance, to coordinate national and international projects and enhance financial control and discipline on the aid provided through various channels, in order to ensure that its directed towards development priorities and achieve the optimal use of resources.

The World Bank announced Wednesday that the Board of Executive Directors had approved a $20 million grant to Syria through the International Development Association (IDA) to support the country’s fiscal management capacity strengthening project.

The project aims to develop the core tasks related to the management of public finances and government procurement, in addition to laying the necessary foundations for the digital transformation of financial procedures and processes, strengthening controls for budget preparation and implementation, in addition to building institutional arrangements that support the coordination and supervision of public financial management reforms.

The Syrian Minister of Finance expressed his hope that Syria will be included on the agenda of the next meeting of the World Bank’s Board of Shareholders, where projects with grants worth more than $1 billion in various sectors are expected to be discussed, with the support and coordination of the Ministry of Foreign Affairs and Expatriates.

On June 25, the World Bank approved the first $146 million grant to Syria, earmarked to improve electricity supplies and support economic recovery efforts.

On the other hand, the Syrian Minister of Finance announced that the state will soon start disbursing pensions to a number of groups whose pensions were suspended, under the guidance of President Ahmed al Sharaa, and as part of the state’s drive to achieve equity and improve living conditions.

The move includes military and civilian retirees whose pensions were suspended in the past for security reasons, as well as military defectors who didn’t join the ministries of defense or interior after reaching retirement age or for other reasons, Barnia said.

Barnia pointed out that circulars will be issued for each category to review the General Insurance and Pensions Corporation starting from the first of April, to complete the necessary procedures and fill out the forms in preparation for the start of disbursing pensions to the beneficiaries.