IMF Appoints First Mission Chief to Syria in 14 Years

An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)
An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)
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IMF Appoints First Mission Chief to Syria in 14 Years

An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)
An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)

The International Monetary Fund has appointed Ron van Rooden as head of its mission to Syria, Syria's Finance Minister Mohammed Yosr Bernieh said in a written statement, making him the first country mission chief since war erupted there 14 years ago.
Bernieh said van Rooden's appointment came "following our request" and he shared a post on LinkedIn, showing himself shaking hands with van Rooden while attending the annual IMF-World Bank Spring meetings in Washington, D.C.
"This important appointment marks an important step and paves the way for constructive dialogue between the IMF and Syria, with the shared objective of advancing Syria's economic recovery and improving the well-being of the Syrian people," Bernieh wrote, according to Reuters.
The IMF press office did not immediately respond to a request for comment. A source familiar with the IMF's decisions on Syria confirmed van Rooden's appointment.
According to the IMF's website, Syria has had no transactions with the fund in the last 40 years. The last IMF mission trip to Syria was in late 2009, more than a year before protests against then-leader Bashar al-Assad erupted.
Assad's crackdown triggered a full-scale war that left much of the country destroyed before he was ousted in a lightning offensive by the opposition last December.
The new leaders have been keen to re-establish Syria's ties regionally and internationally, rebuild the country and secure the lifting of tough US sanctions to kickstart its economy.
Bernieh and Syria's central bank chief Abdelkader Husrieh are attending the annual spring meetings in Washington, the first time a high-level Syrian government team attends the meetings in at least two decades, and the first official visit by Syria's new authorities to the US since Assad's fall.
On Tuesday, the Saudi finance minister and the World Bank co-hosted a roundtable on Syria. Bernieh, in a separate LinkedIn post, described the roundtable as "very successful" and said there was "unprecedented" interest in supporting Syria's reconstruction.
A top official from the United Nations Development Program told Reuters last week the agency is planning to deliver $1.3 billion in support to Syria over the next three years.



Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.


Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.


Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.