Saudi Arabia and Qatar pledge to pay Syria’s $15 million World Bank debt, aiming to boost recovery efforts and attract international financial support for the war-torn nation. This significant move is seen as a step to facilitate rebuilding essential sectors and institutional reforms in Syria.
In a significant development for Syria, Saudi Arabia and Qatar have announced their intention to repay Syria’s $15 million debt to the World Bank. This payment is viewed as a crucial step towards accelerating Syria’s recovery following years of conflict. Officials from both nations emphasized that settling these debts will facilitate Syria’s access to much-needed financial resources essential for rebuilding its infrastructure and economy.
In a joint statement released on Sunday, Saudi Arabia and Qatar expressed confidence that clearing Syria’s arrears will unlock vital financial support and expedite development efforts. This assistance will not only focus on immediate financial needs but also on providing technical help essential for institutional revitalization and updated policy reforms.
The two countries have also called upon international and regional financial institutions, urging them to swiftly resume and expand their development initiatives in Syria. They emphasized collaboration to support the aspirations of the Syrian populace toward a hopeful future.
Interestingly, this week witnessed the participation of Syria’s central bank governor and finance minister in the International Monetary Fund (IMF) and World Bank spring meetings, marking their first attendance in over two decades. IMF Director Kristalina Georgieva noted that the organization aims to assist Syria in rebuilding its institutions and fostering its reintegration into the global economy.
In a broader context, following Bashar Assad’s departure to Russia in December, which effectively ended decades of Baath Party governance in Syria, a transitional administration has been formed. This administration has dissolved several state structures, including the constitution, security services, armed factions, and the parliament, marking a new chapter in Syria’s political landscape.
Saudi Arabia and Qatar’s commitment to repaying Syria’s World Bank debt could play a pivotal role in the country’s recovery process. This initiative aims to not only settle long-standing financial obligations but also to attract further international support for Syria’s reconstruction. The efforts signal a potential shift in Syria’s economic interactions with global financial institutions following years of isolation.
Original Source: www.yenisafak.com
