Syria’s acting finance minister, Riad Abd El Raouf, is increasingly viewed as a key figure in the country’s path to stability, with hopes rising that his leadership will help guide Syria toward normalcy in the coming months.
At 49 years old, Raouf remains a solitary presence in the Syrian cabinet, the only top official retained after President Bashar al-Assad’s abrupt removal by Islamist rebels. A trilingual expert in Arabic, French, and English, Raouf holds a doctorate in accounting and auditing from Université Paul Verlaine in France. His career has spanned academic roles, including teaching at Damascus University, along with leadership at the Commercial Bank of Syria, where he chaired the board for several years. Known for his scholarly work on corporate governance, he was appointed to the finance ministry by Assad in a surprise reshuffle in September.
Raouf’s leadership was tested shortly after Assad’s departure on December 8. He quickly secured two significant victories: reopening a crucial border crossing with Jordan that had been closed during the conflict, and stabilizing Syria’s rapidly depreciating currency. Under his management, the Syrian pound regained its former exchange rate of 13,000 to the dollar, halting panic-induced sell-offs.
However, Raouf faces a series of daunting economic challenges. The World Bank reports that Syria’s economy has contracted by an overwhelming 85% since the onset of its civil war in 2011. The country’s foreign currency reserves are alarmingly low, possibly as little as $200 million, and Syria’s national debt to Iran, Assad’s key foreign backer, is estimated to be between $30 billion and $50 billion.
The situation is complicated further by the presence of Hay’at Tahrir al-Sham, the group now in control of much of Syria, which remains designated a terrorist organization by both the United States and the United Nations. Additionally, Syria continues to be subjected to severe international sanctions, ranking as the third-most sanctioned country globally, following Russia and Iran. The last engagement between Syria and the International Monetary Fund (IMF) occurred in 2009.
Despite these substantial obstacles, there is significant international interest in supporting Syria’s recovery. Turkey and European nations are eager to facilitate the return of some of the 4.5 million Syrian refugees currently residing abroad. Both the US and Gulf Arab states are motivated by a desire to counterbalance Iranian and Russian influence in the region. A spokeswoman from the IMF stated that the organization “stands ready to support the international community’s efforts to assist Syria’s reconstruction as needed, and when conditions allow.”
Should Raouf succeed in creating the conditions for such international support, his leadership could indeed mark a pivotal moment in Syria’s long journey toward recovery and reconstruction.
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