Syria meeting focused on need for credible economic data, IMF chief says

By Andrea Shalal and Karin Strohecker

WASHINGTON, April 25 (Reuters) - Officials from the International Monetary Fund, World Bank and key countries underscored the need for credible economic data when they met with Syrian authorities this week on efforts to rebuild the war-torn country, IMF Managing Director Kristalina Georgieva said on Friday.

Georgieva told reporters that other key issues discussed included the need to rebuild Syria's central bank and expand the country's capacity to generate revenue. The talks took place during the spring meetings of the IMF and World Bank in Washington.

Syria's central bank governor and finance minister attended the IMF and World Bank meetings this week for the first time in more than 20 years. It was the first U.S. visit by Syria's new authorities to the U.S. since former President Bashar al-Assad was toppled in December.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee and also co-chaired the Syria meeting, said he was grateful to the IMF, World Bank and regional partners for stepping up their support.

He noted that other countries, including Yemen, Sudan and Lebanon, as well as the Palestinian Territories, would also need help from the international community.

Al-Jadaan said it was important to move cautiously on Syria, given existing sanctions and other impediments, but said the global community should stand by the Syrian people and others in war-torn countries.

"Standing with them, providing capacity, support and advice, and ... even financial support is really crucial. I mean, the Syrian people deserve that support," he said.

Reuters reported this month that Saudi Arabia plans to pay off Syria's debts to the World Bank, which would pave the way for approval of millions of dollars in grants for reconstruction and to support the country's paralyzed public sector.

Syria is about $15 million in arrears to the World Bank. That amount must be paid off before the multilateral development bank can approve grants and provide other forms of assistance.

Georgieva said the discussions with Syrian officials focused on starting to review institutions and policy capacity in the country, working to improve data credibility and rebuilding the central bank, and Syria's capacity to create revenues.

"What it means is, of course, step cautiously but engage," she said, noting that the IMF had appointed a mission chief for Syria to help guide the global lender's work there.

"We hope that we can contribute in putting the foundation of knowledge, economic policy, knowledge in Syria to get the country back on track," she said.

"Just imagine they have been in a civil war for 14 years. Big parts of the population are not in Syria, they are in Lebanon, they are in Iraq, they are in Jordan. The fabric of the Syrian society is beaten and wounded. It is going to take a lot of work by the Syrians themselves."