Saudi Arabia and Qatar will repay Syria’s $15 million World Bank debt, aiming to boost the nation’s recovery. This move is expected to unlock financial support for key sectors and assist in institutional rebuilding, while encouraging international efforts to support Syria’s aspirations for development. The announcement follows Syria’s attendance at international financial meetings after a long hiatus, marking a new chapter in its economic journey.
In a surprising move, Saudi Arabia and Qatar announced on Sunday their decision to repay Syria’s outstanding debt to the World Bank, which amounts to $15 million. This decision is seen as a step towards aiding Syria’s recovery process. The joint statement highlighted that clearing this debt will pave the way for Syria to access crucial financial support needed to revitalize essential sectors of its economy.
Further emphasizing their commitment, the countries noted that settling the debt would also facilitate technical assistance aimed at helping Syria rebuild its institutions, enhance capacity, and reform various policies necessary for sustainable development. Both nations urged regional and international financial bodies to promptly resume and broaden their developmental initiatives within Syria to support the aspirations of the Syrian populace.
Notably, this announcement follows a significant moment as Syria’s central bank governor, along with the finance minister, attended the International Monetary Fund (IMF) and World Bank spring meetings recently, marking the first such attendance in over two decades. IMF Director Kristalina Georgieva stressed that the organization is willing to assist Syria in rebuilding its institutional framework and facilitating its reintegration into the global economic landscape.
This development comes after the fleeing of Bashar Assad to Russia in December following nearly 25 years in power, thus ending the Baath Party’s long-standing rule since 1963. Just last month, a transitional government was established, which led to the dissolution of various entities including the constitution and the Baath Party itself.
In conclusion, the decision by Saudi Arabia and Qatar to settle Syria’s debt to the World Bank represents a significant step toward assisting the nation’s recovery. By unlocking essential financial support and technical assistance, the two countries aim to contribute to Syria’s institutional rebuilding and support its aspirations for a better future, particularly after two decades of isolation from international financial forums. The political context surrounding these developments highlights Syria’s unusual transition in governance following years of instability.
Original Source: www.yenisafak.com
