Syria, IMF discuss launch of second phase of economic forecasting project

Syrian Minister of Finance Mohammad Yorsar Barnia met with a technical mission from the International Monetary Fund to discuss launching the second phase of a project to develop a macroeconomic forecasting model and a medium-term fiscal framework.

According to the Syrian Ministry of Finance, as reported by local media, this phase aims to establish a medium-term fiscal framework as part of core financial system reforms. The goal is to integrate indicators for revenue, expenditure, and public debt to achieve fiscal targets, relying on credible economic forecasts, reliable models, and effective risk management.

The meeting also covered the preparation of quarterly summary reports on macroeconomic and public finance developments, updating data and statistics, and monitoring economic trends, according to the Syrian Arab News Agency (SANA).

Both sides discussed developing economic models, enhancing the technical capabilities of staff in economic analysis and forecasting, and improving tools for fiscal policy planning.

The ministry explained that the meeting included a plan to prepare for Article IV consultations as stipulated in the IMF's founding agreement. The IMF team will review the ministry's economic forecasts, analyze fiscal risks, and examine the organizational structure of the ministry's fiscal policy department.

Article IV consultations, outlined in the IMF's founding agreement, allow for periodic assessments of the economic and financial conditions of member states, discussions of economic policies with relevant authorities, and recommendations to support economic, monetary, and financial stability.