Damascus, Aug. 2 (SANA)Finance MinisterMohammed Yisr Barniehannounced a new milestone in Syria’s economic reform path, with the World Bank approving the success of Syria’s 2026 reforms and increasing grant allocations for 2027, the minister said Sunday.

“TheWorld Bankhas completed its review of Syria’s Performance and Policy Actions (PPAs) for fiscal year 2026 under the International Development Association’s Sustainable Development Finance Policy (IDA SDFP), confirming satisfactory implementation of agreed actions in the areas of public debt sustainability, debt management and transparency,” Barnieh said in a statement.

Increased IDA grant allocations

In recognition of this achievement, Syria will receive the incentive allocation for fiscal year 2027 under the SDFP framework, resulting in increased grant allocations from the International Development Association (IDA) for fiscal year 2027, Barnieh said.

The minister noted that the achievement reflects the government’s commitment to strengthening public financial management, consolidating transparency principles, and implementing reforms that support financial sustainability and contribute to Syria’seconomic recovery.

Barnieh expressed his gratitude to all national institutions and international partners whose cooperation contributed to this progress.

In April, Barnieh revealed that two new projects approved by the World Bank were part of a list of 11 projects, following the electricity grid reform project valued at $146 million and the government financial management strengthening project valued at $20 million. The latest approval marks continued progress in Syria’s economic recovery following the fall of the deposed regime in December 2024.