Syria's Bold Move: Public Sector Pay Raise Sparks Economic Hope

Syria plans a 400% salary increase for public sector employees next month, aiming to enhance efficiency and accountability. The hike, costing 1.65 trillion Syrian pounds, will be supported by state resources, regional aid, new investments, and unfrozen Syrian assets. Finance Minister Mohammed Abazeed labels it an emergency economic step.

In a significant development, Syria's finance minister announced on Sunday a substantial salary hike of 400% for numerous public sector workers scheduled for next month. This comes after an extensive administrative restructuring of ministries aimed at enhancing efficiency and accountability within the government.

The salary increase, projected to amount to 1.65 trillion Syrian pounds—equivalent to approximately $127 million at current exchange rates—will be financed through existing state resources. Funding will also come from regional aid, new investment initiatives, and efforts to unfreeze Syrian assets held abroad.

Mohammed Abazeed, the finance minister in Syria's caretaker government, described this move as the first step in addressing the country's challenging economic situation. He confirmed to Reuters that the wages for public sector employees would be disbursed this week.

(With inputs from agencies.)