Damascus admits another deficit

06 December 2004
Damascus in late November announced a budget for 2005 which plans higher public expenditure but forecasts a budget deficit for a second consecutive year. The forecast deficit of£Syr 85,000 million ($1,632 million) - equivalent to almost 8 per cent of gross domestic product (GDP) - is considerably smaller than 2004, which was£Syr 226,500 million ($4,500 million), representing 22 per cent of GDP (MEED 9:1:04).

However, planned spending is again forecast to increase by 2.3 per cent, to £Syr 460,000 million ($8,834 million).

Reading the government's financial statement to parliament, Finance Minister Mohammed al-Hussain said: 'Continuing to improve citizens' living standards, providing them with essential needs and preventing monopoly as well as interior market imbalances are the main lines of government policy.'

The draft budget has been passed to the accounts and budget committee and is due for ratification in December.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications