DAMASCUS: Syria's finance minister said on Sunday (Jan 5) the government would hike salaries for many public sector employees by 400 per cent next month after completing an administrative restructuring of ministries to boost efficiency and accountability. The increase, estimated to cost 1.
People sit near bags of Syrian currency notes at Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, Dec 16, 2024. DAMASCUS: Syria's finance minister said on Sunday the government would hike salaries for many public sector employees by 400 per cent next month after completing an administrative restructuring of ministries to boost efficiency and accountability.
" the first step towards an emergency solution to the economic reality in the country," Mohammed Abazeed, the finance minister in Syria's caretaker government, told Reuters, adding that this month's wages for public sector staff would be paid out this week.These measures are part of a broader strategy by Syria's new caretaker government to stabilize the country's economy following 13 years of conflict and sanctions.
The hike would follow a comprehensive evaluation of up to 1.3 million registered public sector employees to remove fictitious employees from the payroll and would affect those with sufficient expertise, academic qualifications, and the necessary skills for reconstruction. "The launch of investments in the country in the near future will also benefit the state treasury and allow us to finance this salary increase," he said, adding the central bank currently has sufficient funds to finance the next few months.The government expects to retrieve up to US$400 million in frozen Syrian assets abroad, which could co-finance the initial government expenses.
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