According to the Türkiye Newspaper report, the transition government, which is also responsible for the debts of the Assad regime, needs at least 400 billion dollars to get the country back on its feet.
After the overthrow of the Assad regime, all eyes turned to scenarios for the reconstruction of Syria. In the country where infrastructure, agriculture, industry and service sectors were hit hard due to the war, recovery is expected to take at least 10 years. The required budget is calculated as at least 400 billion dollars. Syria faces of not only the daunting tasks of rebuilding its infrastructure and bringing back its displaced citizens, but also the massive debt burden Assad inherited.
It is stated that major creditors such as Iran and Russia may use these debts as a means of pressure against the new transition government. Iran and Russia provided both military, logistical and material support to Assad’s forces throughout the civil war.
International law expert Prof. Nuray Eksi evaluated the collection of the debts to Turkiye Gazetesi. Dr. Nuray Ekşi stated that the Assad administration served as a legitimate government in the eyes of the UN until it left its country and said, “The new government will be responsible for all the actions and transactions carried out as the legitimate government of the Syrian Arab Republic until the moment Assad withdrew. “Regime change in no way means that debts will not be paid,” he said.
“SANCTIONS SHOULD BE REMOVED”
Pointing out that many countries, especially the USA, England and Canada, have imposed sanctions on Syria since 2011, Ekşi noted that it is currently not possible for the interim government to do business with any country. Ekşi “US sanctions on Syria also affect all countries other than Syria. For example, Turkish companies cannot trade. Sanctions are also imposed on Turkish companies doing business with Syria due to the SWIFT system. “The oil in Syria should be taken from terrorist organizations and transferred to state institutions,” she said, referring to Kurdish militai who currently control them.
“THOSE WHO STARTED THE CRISIS OUGHT TO FOOT THE BILL”
Emphasizing the importance of taking the necessary steps to ensure the peace and security of the Syrian people, as well as the rejuvenation of the economy, Ekşi said, “400 billion dollars is a very high number. If new waves of migration from the country are not desired, countries must contribute to the reconstruction process of Syria at the first stage. Ownership of ports, railways or airports cannot be transferred, but only the right to operate them for a certain period of time, such as 49 years. The whole world cannot come together and undertake the full development of Syria. We are not talking about a figure of 3-5 billion, finding a comprehensive solution is the most logical. “In my opinion, whichever states that started the Syrian crisis should pay the biggest bill,” she said. Ekşi also stated that a legal trial process should be initiated to determine how to seize Assad’s money or property, if any, in banks at home or abroad.
How much is Syria’s national income?
According to various sources, such as the World Bank, Syria’s gross domestic product (GDP) is estimated to have halved in 2010-2020, and the country’s dependence on imported goods, including basic food products, has increased while local industry and agricultural production have collapsed. UN, International Monetary Fund (IMF) and World Gold Council.
Syria’s GDP is estimated to be $37.1 billion in 2022, $39.5 billion in 2023, and $29.3 billion in 2024; This is a significant difference from the $60 billion in 2010, before the civil war. The country’s per capita GDP fell from 2,800 dollars in 2010 to 2,100 dollars in 2022 and 2023. It is estimated that it will drop to $1,600 by the end of the year. At the same time, the revenues of the overthrown regime fell by 35 percent annually in real terms in 2023 compared to 2022, and by 85 percent compared to 2010, the pre-civil war period.
After the establishment of a world-recognized government in Syria, a new constitution and elections, a donors conference will be held at the UN. Gulf countries can be expected to contribute a large amount to the fund to be established. Additionally, the new government may privatize oil wells. The IMF will almost certainly be called. It is very possible that organizations such as the World Bank, Asian Development Bank and EBRD will also provide loan support. Salvation for Syria is for citizens who fled abroad and saved money to return to their countries and invest in the economy.
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