Syria’s Bold Move: Ministers Push for Economic Revival at IMF & World Bank Meetings — Will It Work?

 

Syria’s top financial officials are making a high-stakes gamble by attending the IMF and World Bank spring meetings in Washington next week. Foreign Minister Asaad al-Shaibani, Finance Minister Mohammed Barnieh, and Central Bank Governor Abdul Qadir al-Hasriya will lead the delegation, aiming to secure international support for Syria’s shattered economy. This rare appearance marks a strategic push by Damascus to reintegrate into global financial institutions after years of isolation due to war and sanctions. But with Syria still under heavy Western restrictions, can this delegation convince the world to open its doors?

The delegation’s key agenda will be securing funding for Syria’s massive reconstruction needs after 13 years of devastating conflict. A UN report estimates the country’s economic losses at a staggering $800 billion since 2011, with 90% of Syrians now living in poverty. The ministers will argue that lifting sanctions and unlocking international aid is essential to stabilize the country. However, critics question whether the Assad government — accused of war crimes and corruption — can be trusted with such funds. Will the IMF and World Bank take the risk?

One major hurdle is the World Bank’s long suspension of operations in Syria, which began after the Assad regime’s violent crackdown on protests in 2011. Since then, Syria’s banking sector has crumbled under sanctions, leaving the economy in ruins. Recently, Finance Minister Barnieh met with a World Bank technical team in Damascus to discuss modernizing Syria’s financial systems — a sign that both sides may be testing the waters for renewed cooperation. But Western powers, particularly the U.S., remain deeply skeptical of engaging with Assad’s government.

The Syrian delegation is expected to highlight the “negative effects” of sanctions, framing them as an obstacle to economic recovery. Yet, many nations view these sanctions as necessary leverage to pressure Damascus into political reforms. The ministers’ presence at the meetings suggests Syria is desperate for financial lifelines, but without concessions on human rights or governance, their pleas may fall on deaf ears. Will the IMF and World Bank prioritize humanitarian needs over geopolitical tensions?

Beyond reconstruction, Syria’s attendance signals a broader effort to regain international legitimacy. The Assad regime has slowly been reintegrated into the Arab League and restored ties with some regional players, but Western recognition remains elusive. If the ministers succeed in securing even minor financial commitments, it could mark a turning point for Syria’s global standing. However, failure could reinforce the country’s economic isolation.

As the meetings approach, all eyes will be on whether Syria can persuade global financial leaders to take a chance on its recovery — or if geopolitical divisions will keep it locked out. With millions of Syrians suffering, the stakes couldn’t be higher. Will this be the breakthrough Damascus needs, or just another diplomatic dead end?