Finance Minister Warns of Tough Year Ahead

Finance Minister Muhammad al-Hussein has warned that Syrians face a tough economic climate in 2009, according to a January 11 report on the pro-government website Syria Steps.



The minister’s comments came during a meeting with financial experts to discuss how the global financial crisis will impact the Syrian economy.



Hussein said he feared the domestic banking and tourism sectors would be hit hardest from the knock-on effects as the world’s largest economies try to battle recession.



He asked participants to engage in a dialogue about the situation to come up with ways in which Syria’s financial policies can be tailored to address these concerns.



One participant, Muner al-Hamash, criticised the government for discussing new free trade proposals backed by the World Bank and the International Monetary Fund and distancing itself from the state-centred economic policies that it used to pursue.