Syria could delay some of its much-heralded investment projects as it prepares spending cuts to plug a $1 billion hole in the budget. Finance Minister Yisr Barnieh plans to take an axe to “unnecessary expenditure” after the Middle East conflict pushed up costs, official Syrian media reported on Monday. Mr Barnieh has vowed not to cut wages, health care or schools. However, approved investment projects will be “reassessed” according to their necessity and how much progress has been made to date. Attracting investment has been a cornerstone of the Syrian government's policies since it took power from Bashar Al Assad's regime in 2024. Tens of billions of dollars have been pledged to rebuild the country from 13 years of civil war. Gulf countries are among the major backers. UAE companies are to invest in property developments and the port of Tartus. There are Qatari-backed plans for a new Damascus airport, and Saudi Arabia has helped to settle Syria's debts with the World Bank. Under Syria's spending review, plans linked to security, basic services or vital infrastructure will be given priority, official Syrian media said. Others that “could be postponed without substantially affecting services or economic activity” may be deferred. The budget cuts “aim to limit unnecessary expenditure, improve the use of available resources and preserve the state budget’s ability to respond” to th...
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