Russia’s invasion of Ukraine prompts Syrian government to cut spending
February 25, 2022, 9:09 am

Russia’s invasion of Ukraine prompts Syrian government to cut spending

Syria’s parliament/Facebook page

The Arab News reported, citing the the Associated Press, SANA, the Syrian state news agency said that the government decided Thursday to cut spending in an effort to reduce the impact of Russia’s invasion of Ukraine, concerned that oil and wheat prices could sharply increase.

SANA reported that after an extraordinary Cabinet meeting, officials decided to manage reserves of main staples such as wheat, sugar, cooking oil and rice for the next two months, closely watch the distribution of the commodities and ration them.

Syria’s economic minister, Mohammed Samer Khalil, said Crimea offered to export wheat to Syria. He said the Syrian government is considering the offer. SANA said the government also decided to closely monitor the exchange rate and to “ration public spending in a way that only covers priorities during this period.”

Syria, struggling after more than a decade of war, relies mostly on wheat imports from Russia and oil shipments from its other ally, Iran. As Russia pounded Ukraine Thursday, Syrian authorities saw danger signs in rising oil prices on both sides of the Atlantic and wholesale prices jumped for heating oil, wheat and other commodities.

Al-Thawra street-Local market in Damascus

Russia’s war effort turned Syria’s government toward managing its own resources. SANA, the state news agency, said the issue was discussed during an extraordinary Cabinet meeting on Thursday about the path forward given the Russian invasion.

The decision came as oil prices on both sides of the Atlantic jumped toward or above $100 per barrel to their highest levels since 2014, up more than 6 percent.

The country’s largest oil wells are under the control of US-backed Kurdish-led fighter in the country’s east, depriving the government access to them. The country’s fertile agricultural areas, where wheat is planted, are also out of government control.

Syria humanitarian needs reach record high since crisis began

The Syrian government move came hours after the UN warned that 14.6 million people are in need of aid in war-torn Syria, an increase of 1.2 million people compared with last year. The report by the Office for the Coordination of Humanitarian Affairs was released late Wednesday.

Source: arabnews

Though he is enemy's number one target, Ukrainian President vows to stay in capital Russians divided over Putin's military invasion of Ukraine

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.