Assad Decrees Financial Stimulus amid Stifling Crisis in Syria

Assad Decrees Financial Stimulus amid Stifling Crisis in Syria

Amid sharp economic decline, Syrian President Bashar Assad issued a decree on Tuesday granting hundreds of thousands of public sector workers and soldiers a one-time financial stimulus, equivalent to an average monthly salary.

The stimulus “” the third since October “” comes as the national currency is crashing, now at 4,000 Syrian pounds to the dollar on the black market, compared to 700 a year ago. The official rate for the dollar is fixed at 1,256 Syrian pounds for $1.

Nearly 80% of Syrians live in poverty, and 60% are food insecure “” the worst food security situation ever seen in Syria, according to the United Nations.

The decree stated that a one-time 50,000 Syrian pounds, which is nearly $11 on the black market, would go to public sector workers, including those on part-time contracts and conscripts. And 40,000 Syrian pounds would be dispensed to pensioners.

Inflation has hit between 180 and 300%, according to the Syria Central Bureau of Statistics. The price of a kilogram (2.2 pounds) of sugar has gone from 700 Syrian pounds to around 2,400 this year.

Economist Ziad Ghosn said the one-time payment is equivalent to the average monthly salary and estimated the cost of the stimulus would be around