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Arab finance ministers to discuss sanctions against Damascus Sat

November 26, 2011, 6:05 UTC+3
It provided for the deployment of observers from the Arab and Islamic countries in Syria
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BEIRUT, November 26 (Itar-Tass) —— The finance ministers of the Arab countries will meet in Cairo on Saturday to discuss a package of possible sanctions against Damascus. Friday was the deadline for the Syrian government to declare its consent to the League of Arab States’ proposal for a way out of crisis. It provided for the deployment of observers from the Arab and Islamic countries in Syria.

Among the likely economic measures that can be applied to Syria some mention the freezing of Syrian assets in Arab banks, curtailment of commercial relations and the refusal to have financial transactions with the Central Bank of Syria. Proposals will be made to suspend Syria’s participation in the Arab free trade zone and to stop civil flights to Damascus. However, the supply of basic food products to Syria would continue in order to not harm the population. Local experts say the sanctions will have a negative impact on the country’s economy, as Arab neighbors account for 53 percent of Syrian export and 16 percent of import.

After the finance ministers’ meeting the Arab countries’ foreign ministers will gather in Cairo on Sunday to approve the imposition of sanctions, if Damascus by that time does not agree to the LAS "road map."

 

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