IMF appoints first mission chief to Syria in 14 years

According to the IMF’s website, Syria has had no transactions with the fund in the last 40 years. Shutterstock
Short Url
Updated 23 April 2025
Follow

IMF appoints first mission chief to Syria in 14 years

BEIRUT: The International Monetary Fund has appointed Ron van Rooden as head of its mission to Syria, the country’s Finance Minister Mohammed Yosr Bernieh said in a written statement, making him the first country mission chief since war erupted there 14 years ago.

Bernieh said van Rooden’s appointment came “following our request” and he shared a post on LinkedIn, showing himself shaking hands with van Rooden while attending the annual IMF-World Bank Spring meetings in Washington, D.C.

“This important appointment marks an important step and paves the way for constructive dialogue between the IMF and Syria, with the shared objective of advancing Syria’s economic recovery and improving the well-being of the Syrian people,” Bernieh wrote.

The IMF press office did not immediately respond to a request for comment. A source familiar with the IMF’s decisions on Syria confirmed van Rooden’s appointment.

According to the IMF’s website, Syria has had no transactions with the fund in the last 40 years. The last IMF mission trip to Syria was in late 2009, more than a year before protests against then-leader Bashar Assad erupted.

Assad’s crackdown triggered a full-scale war that left much of the country destroyed before he was ousted in a lightning rebel offensive last December, with an Islamist-led government now ruling the country.

The new leaders have been keen to re-establish Syria’s ties regionally and internationally, rebuild the country and secure the lifting of tough US sanctions to kickstart its economy.

Bernieh and Syria’s central bank chief Abdelkader Husrieh are attending the annual spring meetings in Washington, the first time a high-level Syrian government team attends the meetings in at least two decades, and the first official visit by Syria’s new authorities to the US since Assad’s fall.

On Tuesday, the Saudi finance minister and the World Bank co-hosted a roundtable on Syria. Bernieh, in a separate LinkedIn post, described the roundtable as “very successful” and said there was “unprecedented” interest in supporting Syria’s reconstruction.

A top official from the UN Development Programme told Reuters last week the agency is planning to deliver $1.3 billion in support to Syria over the next three years. 


Saudi Aramco raises $4bn in bond sale as investor demand holds strong 

Updated 4 sec ago
Follow

Saudi Aramco raises $4bn in bond sale as investor demand holds strong 

RIYADH: Saudi Aramco raised $4 billion through a multi-tranche bond sale, extending its run of international debt offerings as the world’s largest oil exporter taps strong investor appetite for Gulf investment-grade debt. 

The notes were issued under the company’s Global Medium Term Note Program and priced on Jan. 26, Aramco said in a statement. The bonds are listed on the London Stock Exchange and span maturities from 2029 to 2056. 

This comes as Aramco remains an active borrower in global markets, having raised $5 billion through a bond sale in June and a further $3 billion via an international sukuk in September, after completing a $6 billion bond deal and a $3 billion sukuk offering in 2024. 

The latest transaction underscores the company’s ability to secure long-dated financing at competitive rates as it balances expansion spending with shareholder returns. 

Ziad Al-Murshed, Aramco’s executive vice president and chief financial officer, said: “This issuance is part of Aramco’s focused strategy to further optimize its capital structure and enhance shareholder value creation.” 

He added: “The attractive pricing achieved on the transaction reflects global investors’ continued confidence in Aramco’s financial strength and resilient balance sheet. We remain firmly committed to maintaining disciplined capital management and delivering long-term value to our shareholders.” 

The notes include a $500 million tranche due in 2029 with a 4 percent coupon and a $1.5 billion tranche due in 2031 at 4.37 percent. 

They also comprise a $1.25 billion tranche due in 2036 at 5 percent, alongside a $750 million 30-year tranche maturing in 2056 with a 6 percent coupon. 

A key indicator of the transaction’s success and Aramco’s robust credit standing was the achievement of negative new issue premiums on three of the four tranches, the statement said. 

The proceeds are expected to support the company’s ongoing capital expenditure programs, which include investments in both upstream oil and gas capacity and downstream chemical projects, as well as its strategic initiatives in new energy sectors. 

The transaction highlights Aramco’s ability to leverage its superior credit profile to secure cost-effective financing, aligning its capital structure optimization with its broader ambition of sustainable value creation for its shareholders.