BEIRUT: The Syrian government is planning to reschedule loans and lift taxes in a bid to prop up the economy, SANA reported Thursday, as businesses and banks struggle to continue operations after more than two years of conflict.
“Rescheduling loans and taxes for commercial and industrial establishments will facilitate the repayment of loans to banks and [help restore] liquidity to the economy,” Finance Minister Ismael Ismael was quoted by the agency as saying.
Syrian Central Bank Governor Adib Mayaleh said the measures would entail rescheduling payments to banks rather than entirely exempting businesses from interest payments “which would put a big strain on banks amid the crisis.”
According to data published by two Syrian subsidiaries of Lebanese banks, BLOM’s Bank of Syria and Overseas and Fransabank Syria, provisions for debt increased by around sevenfold during the first six months of the year.
Industry Minister Adnan Sakhni meanwhile called on Syrian industrialists who have left the country to return.
“The ministry will provide all facilitation to support industrialists including moving establishments partially or entirely to safe areas and providing the suitable conditions for production,” he said.