Syrian caretaker government to hike public sector salaries by 400% next month

The Finance Minister in Syria's caretaker government, Mohammed Abazeed said, 'This is the first step towards an emergency solution to the economic reality in the country.'

Damascus: Syria's Finance Minister said on Sunday the government would hike salaries for many public sector employees by 400 per cent next month after completing an administrative restructuring of ministries to boost efficiency and accountability.

The increase, estimated to cost 1.65 trillion Syrian pounds, or about $127 million at current rates, will be financed by existing state resources plus a combination of regional aid, new investments, and efforts to unfreeze Syrian assets held abroad.

"(This is) the first step towards an emergency solution to the economic reality in the country," Mohammed Abazeed, the Finance Minister in Syria's caretaker government, told Reuters, adding that this month's wages for public sector staff would be paid out this week.