FEMIP Financing operations in Syria

2011 was marked by a chain of momentous transformations in the Southern and Eastern Mediterranean region, creating an unprecedented situation. This new paradigm reinforces FEMIP in its determination to contribute to economic progress to address the socioeconomic challenges facing the region in terms of demographics, employment, sustainable growth and regional development.

Syria was not greatly affected by the global financial crisis, enjoying real growth rates of 6% in 2009 and 3.2% in 2010. However, in 2011 growth was negative (estimated at -2% in real terms) owing to the current unrest and resulting sanctions imposed by the international community. As a result of the situation in the country and the decrease in oil, tourism and tax revenues, the fiscal deficit is expected to increase sharply in 2011, to 11%.