Damascus: Plan to restructure the economy in 7 years approved

The Syrian cabinet has specified a grace period of 7 years to restructure the Syrian economy, according to a program for economic reforms, announced since one and a half years, aiming at increasing the economic growth rate in Syria to 6%.

The Syrian official news agency SANA said that the project of restructuring the economic reform program aims at achieving a higher level of fair distribution of income through ensuring the ability to provide national security requirements, preserve the multilateral nature of the Syrian economy and embarking on indicative planning mechanisms and rationalization of the state's economic role, raising capabilities as well as reforming the financial, monetary and taxation system, enhancing the authority of the law and paying attention to the issue of unemployment.

A statement by the Syrian Cabinet also indicated "revitalization of efforts to join the world trade organization, intensifying efforts to finalize a balanced partnership agreement with the European Union." The statement set a seven year period, considered as one phase, during which a comprehensive restructuring for the national economy will be made.

The Syrian Cabinet also approved a draft law on fighting money laundering.