💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Syria's government spending to increase by 12 percent in 2015 - agency

Published 23/11/2014, 17:40
Syria's government spending to increase by 12 percent in 2015 - agency

BEIRUT (Reuters) - Syria's state spending is expected to rise 12 percent to 1.55 trillion Syrian pounds ($9.10 billion) next year, driven by higher social support costs, state news agency SANA reported citing a draft budget presented to lawmakers on Sunday.

Syria's civil war, which is in its fourth year, has devastated the economy, causing tens of billions of dollars of damage and depriving it of oil export and tourism revenues.

The 2015 draft budget allocates 1.14 billion pounds for ongoing costs, while investment spending will increase to 410 billion pounds from 380 billion, SANA said.

But most of the money will go on social support costs, which are expected to reach 983.5 billion pounds, a rise of 368.5 billion, the agency said. There were no details on whether these included both subsidies and wages.

The chairman of the budget committee Hussein Hassoun recommended increasing the salaries of members of the armed forces and security services, SANA said. He also called for action to rein in a wave of high prices which have hit people on low incomes.

Since the start of the crisis in 2011, Syria has received financial support from its ally Iran, including billions of dollars in credit facilities to buy oil products, to help bolster its finances.

(1 US dollar = 170.4000 Syrian pound)

(Reporting by Sylvia Westall. Editing by Jane Merriman)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.