DAMASCUS: The United Nations special envoy for Syria on Sunday called for a quick end to Western sanctions after the ouster of President Bashar Assad.
The Syrian government has been under strict sanctions by the United States, European Union and others for years as a result of Assad’s brutal response to what began as peaceful anti-government protests in 2011 and later spiraled into a civil war.
The conflict has killed nearly half a million people and displaced half the country’s pre-war population of 23 million. Rebuilding has been stymied to a large degree by sanctions that aimed to prevent rebuilding of damaged infrastructure and property in government-held areas in the absence of a political solution.
“We can hopefully see a quick end to the sanctions so that we can see really a rallying around building of Syria,” UN envoy Geir Pedersen told reporters during a visit to Damascus.
Pedersen came to the Syrian capital to meet with officials with the new interim government set up by the former opposition forces who toppled Assad, led by the Islamic militant group Hayat Tahrir Al-Sham, or HTS.
HTS is designated a terrorist group by the US, which could also complicate reconstruction efforts, but officials in Washington have indicated that the Biden administration is considering removing the designation.
The interim government is set to govern until March, but it has not yet made clear the process under which a new permanent administration would replace it.
“We need to get the political process underway that is inclusive of all Syrians,” Pedersen said. “That process obviously needs to be led by the Syrians themselves.”
He called for “justice and accountability for crimes” committed during the war and for the international community to step up humanitarian aid.
UN special envoy for Syria calls for sanctions relief following Assad’s fall
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UN special envoy for Syria calls for sanctions relief following Assad’s fall
- The Syrian government has been under strict sanctions by the US, EU and others for years
- ‘We can hopefully see a quick end to the sanctions so that we can see really a rallying around building of Syria’
Syria’s growth accelerates as sanctions ease, refugees return
- Economy grows much faster than World Bank’s 1% estimate, fueling plans for currency’s relaunch
NEW YORK: Syria’s economy is growing much faster than the World Bank’s 1 percent estimate for 2025 as refugees flow back after the end of a 14-year civil war, fueling plans for the relaunch of the country’s currency and efforts to build a new Middle East financial hub, central bank Governor AbdulKader Husrieh has said.
Speaking via video link at a conference in New York, Husrieh also said he welcomed a deal with Visa to establish digital payment systems and added that the country is working with the International Monetary Fund to develop methods to accurately measure economic data to reflect the resurgence.
The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the fall of Bashar Assad’s regime about a year ago, described the repeal of many US sanctions against Syria as “a miracle.”
The US Treasury on Nov. 10 announced a 180-day extension of the suspension of the so-called Caesar sanctions against Syria; lifting them entirely requires approval by the US Congress.
Husrieh said that based on discussions with US lawmakers, he expects the sanctions to be repealed by the end of 2025, ending “the last episode of the sanctions.”
“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he said.
Husrieh also said that Syria was working to revamp regulations aimed at combating money laundering and the financing of terrorism, which he said would provide further assurances to international lenders.
Syria’s central bank has recently organized workshops with banks from the US, Turkiye, Jordan and Australia to discuss due diligence in reviewing transactions, he added.
Husrieh said that Syria is preparing to launch a new currency in eight note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound.
“The new currency will be a signal and symbol for this financial liberation,” Husrieh said. “We are glad that we are working with Visa and Mastercard,” Husrieh said.
