Syrias finance minister said on Sunday the government would hike salaries for numerous public sector employees by 400% next month after completing an administrative restructuring of ministries to increase effectiveness and accountability.The boost, approximated to cost 1.65 trillion Syrian pounds, or about $127 million at present rates, will be funded by existing state resources plus a combination of regional help, new investments, and efforts to unfreeze Syrian properties held abroad.(This is) the primary step towards an emergency situation option to the economic reality in the country, Mohammed Abazeed, the finance minister in Syrias caretaker federal government, told Reuters, including that this months wages for public sector staff would be paid this week.These steps belong to a more comprehensive technique by Syrias new caretaker federal government to stabilize the nations economy following 13 years of conflict and sanctions.Salaries of Syrias public sector staff members under fallen President Bashar al-Assads routine were around $25 a month, putting them listed below the hardship line, along with the majority of the nations population, Abazeed said.The walking would follow an extensive evaluation of as much as 1.3 million registered public sector staff members to get rid of fictitious workers from the payroll and would impact those with adequate proficiency, academic credentials, and the needed skills for reconstruction.Syrias state treasury is dealing with liquidity challenges emerging from a war.
Most of money available in the central bank is Syrian currency, which has lost much of its value.
The brand-new federal government was promised help from local and Arab nations, the minister said.The launch of financial investments in the nation in the near future will likewise benefit the state treasury and permit us to fund this wage boost, he said, including the central bank currently has enough funds to finance the next few months.The government anticipates to recover up to $400 million in frozen Syrian possessions abroad, which could co-finance the initial federal government expenses.Syrias caretaker federal government is likewise talking about exempting taxpayers, as much as possible, from charges and interest and working on overhauling the tax system within the next 3 months to accomplish tax justice for all taxpayers, with a very first draft anticipated within 4 months.By the end of this year, we expect having a properly designed tax system that takes the interests of all taxpayers into account, he added.Source: Reuters-- Agencies