Greatness is thrust upon some. Syria and its well-wishers around the world hope that acting Finance Minister Riad Abd El-Rauf will join those ranks in the coming months.
Rauf, 49, appears to be a lonely man as the only Bashar al-Assad appointee to retain a top cabinet post after the dictator’s shock overthrow by Islamist rebels. After receiving a doctorate in accounting and auditing from France’s Paul Verlaine University and speaking three languages: Arabic, French and English, Raouf returned home to teach at the University of Damascus. He chaired the board of the Commercial Bank of Syria for several years and authored academic papers on corporate governance before President Bashar Hafez al-Assad appointed him to the ministry in the latest government reshuffle in September this year.
After Assad fled on December 8, Rauf 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.
Rauf’s long-term goals are more than daunting. Syria’s economy has shrunk by 85% since the civil war began in 2011, according to the World Bank. Foreign exchange reserves may be as low as $200 million. The debt to Iran, Assad’s main foreign sponsor, is estimated at $30–50 billion.
The currently ruling Hayat Tahrir al-Sham is still considered a terrorist organization by the United States and the United Nations. Widespread sanctions will prevent any revival in Syria 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 many reasons to help. Türkiye and Europe want to send home some of the estimated 4.5 million Syrian refugees. The United States and the Arab Gulf states want to consolidate the strategic defeat of Iran and Russia. The IMF “stands ready to support the international community’s efforts to help rebuild Syria as needed and when conditions permit,” the spokeswoman said. If Rauf can bring this moment closer, it will really be great.