A senior Syrian official recently stated that his country would not move toward privatization. He added that privatization would imply taking certain steps which Syria is not prepared to do, according to Al-Bayan daily.
Instead, his government had approved a new strategy to cope with the nation’s current economic circumstances and promote economic financial growth.
The new plan, he added, included a 100 percent raise in local salaries, to be implemented gradually over an unspecified period.
Furthermore, Mohammed Hussein, a member in the regional leadership of the governing party in Syria, suggested that economic growth could be attained if half of this year’s new budget were allocated to investment projects. The 2002 budget is estimated at roughly 400 billion Syrian pounds ($7.4 billion).
Syria targets a five percent economic growth rate by 2005, which necessitates more than SP 1,000 billion in investments. Currently, it possesses approximately SP 200 billion of investments. –(MENA Report)
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