Syria pays off arrears to World Bank
Syria, Economics, 9/2/1997

Syria began paying off its outstanding debt to the World Bank on September 1, Syrian Finance Minister Khaled Mahayni said. He also said the country will unify its various exchange rates for the Syrian pound next year.

Mahayni noted that the agreement to settle Syria's arrears with the World Bank was made during talks in Damascus in July with Kemal Dervis, the bank's vice president for the Middle East and North Africa.

Syria was to make a lump-sum payment of 269.5 million US dollars on September 1, along with some interest arrears, then make further interest payments at a rate of 6.1 million US dollars per month.

Mahayni said the agreement "was clear evidence of Syria's respect toward its commitments to international and Arab financial institutions."

He also said Syria will unify exchange rates in its 1998 general budget. Syria has abolished the multiple exchange rates used in the country's budget for 1998 on a unified rate of 45 pounds to the dollar, Mahayni said.

Revenues and expenditures in previous budgets, including 1997, were based on various rates.

"The government started during recent years to gradually unify the various exchange rates," Mahayni said.

The minister said that the new budget figures would be adjusted in a way to prevent any price increases. He said customs duties would remain the same and there would be no increase in duties on imported goods.

The budget should be presented to parliament for approval at the beginning of the fiscal year starting January 1, but the government could delay it if necessary until October.

Previous Stories:
  Syrian economic reforms   (8/29/1997)
  Syrian Central Bank passes resolution to altering lira exchange rate   (8/28/1997)

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