Syria’s finance minister on Sunday said 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.

These measures are part of a broader strategy by Syria’s new caretaker government to stabilise the country’s economy following 13 years of conflict and sanctions.

Salaries of Syria’s public sector employees under toppled President Bashar al-Assad’s regime were around $25 a month, putting them below the poverty line, along with the majority of the country’s population, Abazeed said.