Some have had greatness thrust upon them. Syria and its well-wishers around the world hope that acting Finance Minister Riad Abdel Raouf will join those positions in the coming months.
Raouf, 49, is considered a lone figure as the only appointee of Bashar al-Assad to retain a senior ministerial post after the dictator’s shock overthrow by Islamist rebels. Raouf obtained a doctorate in accounting and auditing from the French Paul Verlaine University. He speaks three languages: Arabic, French, and English. He returned to his homeland to teach at the University of Damascus. He chaired the board of directors of the Commercial Bank of Syria for a few years and authored scientific research on corporate governance before President Bashar Hafez al-Assad appointed him to the ministry in a recent government reshuffle last September.
After Assad fled on December 8, Raouf achieved two quick successes: reopening a vital border crossing that neighboring Jordan had closed during the fighting and calming panic selling of the Syrian pound. The pound returned to its previous value of 13,000 to the dollar.
The challenges Raouf faces in the long term are more than just daunting. According to the World Bank, the Syrian economy has shrunk by 85% since the outbreak of the civil war in 2011. Currency reserves may reach $200 million. The total debt owed to Iran, Assad’s main foreign sponsor, amounts to between $30 and $50 billion, according to various estimates.
The ruling Hay’at Tahrir al-Sham remains now designated a terrorist organization by the United States and the United Nations. Wide-ranging sanctions will hamper any Syrian recovery until the situation changes. Syria is the third most sanctioned country in the world after Russia and Iran, according to data provider Castellum.AI. The last time the Syrian government met with the International Monetary Fund was in 2009.
However, the outside world has plenty of reasons to help. Türkiye and Europe want to repatriate some of the approximately 4.5 million Syrian refugees. The United States and the Arab Gulf states want to consolidate the strategic defeat of Iran and Russia. The International Monetary Fund spokeswoman says that the International Monetary Fund “stands ready to support the efforts of the international community to assist in the reconstruction of Syria as needed, and when conditions permit.” If Raouf can bring that moment closer, it will be truly amazing.
