Some may ask why Syria doesn’t deal with the International Monetary Fund and borrow from it similar to some Arab countries such as Egypt, for example, as long as we are going through an economic hardship that has left its negative effects on all sectors and areas of life and agricultural, industrial and commercial production in light of a financial crisis, especially with regard to availability Foreign exchange imposed by war, siege and unfair sanctions (Caesar Act).
In this context, the economic experts, stated that Syria is one of the least indebted countries in the world, whether in its dealings with external institutions such as the IMF, the World Bank and other countries.
According to historical and economical statistics, the Syrian economic norm necessitated that we move away from this fund, and that the Syrian financial administration and monetary policy are right to do so because it imposes its own conditions and implements the US conditions in the fullest sense of the word.
The fund grants loans that are compatible with political conditions, and this is not in line with the Syrian approach known for its adherence to the independence of political and economic decision-making, and therefore Syria remained one of the countries in the world least connected to it.
There is a very important point, which is that Syria has paid all the special drawing rights related to it, and that is why it is among the countries committed to not falling under the burden of indebtedness of any kind, including the International Monetary Fund.
The International Monetary Fund doesn’t enter a country unless this is accompanied by problems under various names such as restructuring, privatization, reducing social support, or failure to achieve administrative reform, and this confirms the distancing of many countries from this institution that it was established after the Second World War according to the Bretton Woods agreement, meaning the Monetary Fund, the World Bank and the World Trade Organization.
Syria hasn’t yet borrowed from this fund despite the war that it began in 2011, and it remains one of the least indebted countries in the world.