In a speech delivered from the Saudi capital Riyadh, former U.S. President Donald Trump announced his country's intention to ease the sanctions imposed on Syria. But what are these sanctions? And how have they actually affected the life of the Syrian citizen? ⚖️
The main sanctions imposed by Washington on Damascus:
1. Freezing financial transactions 💸
Syria has been almost completely isolated from the global financial system, making bank transfers and international trade difficult.
2. Prohibiting American investments 🏗️
American companies have been deprived of investing in vital sectors within Syria, primarily the energy and reconstruction sectors.
3. Trade embargo 📵
The export of many equipment and technologies has been banned, especially those related to communications and the technical field.
The economic repercussions on the ground:
Strangling financial isolation for Syrian banks 🏦
Sharp decline in the value of the Syrian pound 💱
Withdrawal of foreign investors 🚫
Difficulty in providing new job opportunities 👷
Significant stagnation in domestic economic activity 📉
What if the sanctions are lifted?
The potential scenario seems brighter: ☀️
Return of financial remittances: a significant support for families and small projects ✉️
New foreign investments: meaning job opportunities and market stimulation 📈
Stimulating the national economy: Flow of liquidity and increase in citizens' purchasing power 🛍️
Support for entrepreneurs: especially in agriculture and technology fields 🌱💻
Lifting sanctions may not be the magic wand to solve all crises, but it could be the beginning of a path towards economic and living recovery for the Syrian citizen. ✨