Syria’s Assad says funds frozen in Lebanese banks biggest impediment to investment

Date:

Syrian President Bashar al-Assad said that the the main impediment to investment in the country was money stuck in ailing Lebanese banks. In a speech after being sworn in as president for a fourth term, Assad said that the estimates suggested the frozen funds were worth between $40 billion and $60 billion.

He stated that both figures are enough to depress an economy like theirs. Lebanon is in the throes of a deep economic meltdown that is threatening its stability. Lebanese banks have locked depositors out of their accounts and blocked transfers abroad since the start of the country’s crisis. Many Syrian front companies had long circumvented Western sanctions. And this is by using Lebanon’s banking system to pay for goods which were then imported into Syria by land. Assad also said that Syria would continue working to overcome difficulties caused by the Western sanctions that is imposed over its decade-long war.

Assad said that the sanctions haven’t prevented them from securing their basic needs but they have created some choke points. They will continue to work to overcome them without announcing what methods they used before to do that or what they will use in the future. Syrian authorities blame Western sanctions for widespread hardship, which includes soaring prices and people struggling to afford food and basic supplies. Assad’s biggest challenge, now that he has regained control of around 70% of the country, is an economy in decline.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Britain Commits £200 Million to Scotland’s Acorn Carbon Capture Project in Push Toward Net Zero

The United Kingdom has committed to investing £200 million...

AirAsia Nears Major Jet Purchase Deal with Airbus in Strategic Fleet Shift

AirAsia, the Malaysia-based low-cost airline, was reported to be...

Brazil’s Central Bank Eyes New Housing Finance Model Amid Savings Decline

A new financing strategy for Brazil’s real estate sector...

Colombia’s Fiscal Rule May Be Loosened as Government Signals Growth Priorities Over Austerity

Colombia’s government, through its finance ministry, has indicated that...