| 19 May 2024, Sunday |

Syria to end subsidies for around 800,000 of its richest citizens

Syria will end subsidies on basic goods such as bread and gasoline for around 800,000 of its wealthiest citizens by the end of the year, officials said on Wednesday.

The change will have an impact on high-earners in the private sector, who can use ration cards to buy necessities at a lower cost.

“There are segments of society that do not require subsidies… I mean those who have money,” said Amro Salem, Minister of Internal Trade, at a press conference.

Amro stated that eliminating the subsidies would benefit the poorest in a country of more than 18 million people, whose economy has been devastated by a decade-long war, and where salaries and subsidies account for the majority of state spending.

Syria implemented ration cards to alleviate chronic shortages.

As inflation continues to rise, the government has increased public sector pay significantly. According to the World Bank and independent economists, the economy has shrunk by around 60% since the conflict began.

  • Reuters