Syria needs to rebuild institutions to attract investment, IMF says

Several Gulf countries expected to finance eventual recovery

- BY NIVETHA DAYANAND Assistant Business Editor

The International Monetary Fund has said Gulf countries will play a key role in the reconstruction of Syria, but cautioned that the nation must first rebuild its institutions and financial systems to ensure aid and investment can be absorbed effectively.

"Syria is emerging from 15 years of conflict that has led to devastation in infrastructure, as well as in the economy and institutional framework," said Jihad Azour, Director of the IMF’s Middle East and Central Asia Department. "What Syria needs to do is to rebuild institutions, including the statistical infrastructure, Central Bank, Ministry of Finance and other centres of government."