The Impact of COVID-19 on Syria’s Economy and the Need for Humanitarian Assistance

Remittances: A Significant Source of Income Affected by COVID-19

• Decrease in Remittances: Remittances, a vital source of income for Syrians, saw a significant decline of 50% in April 2020 compared to March 2020.
• Daily Remittance Drop: Daily remittances plummeted from USD 4.5 million to around USD 2 million, causing severe socio-economic consequences for families and communities reliant on these funds.

Humanitarian Assistance: A Multibillion-Dollar Effort

Key Contributors

• The European Union (EU) and its member states have provided over $18.3 billion (€17 billion) in humanitarian assistance since the beginning of the crisis.
• The United States has spent nearly $8.1 billion on humanitarian aid for those displaced inside Syria and the region since the start of the crisis.
• The United Arab Emirates’ foreign assistance to Syria reached $977 million between 2012 and the beginning of 2019.

Donations and Funding: A Call for Support

• Brussels III Conference: The call for funds and donations at the Brussels III Conference on ‘Supporting the future of Syria and the region’ in March 2019 raised $6.97 billion, surpassing the previous years’ totals.
• International Financial Institutions (IFIs): Governments and IFIs announced $21.2 billion in loans for 2018-2020.

UN Warning: Escalating Needs

• The United Nations High Commissioner for Refugees, Filippo Grandi, warned that needs are becoming more severe for Syrian refugees and host communities in neighboring countries.