Saudi Arabia and Qatar to Settle $15 Million Debt for Syria’s Recovery

Saudi Arabia and Qatar will repay Syria’s $15 million debt to the World Bank to aid the country’s recovery and unlock financial support. This move is aimed at rebuilding critical sectors and institutions. Recent changes in Syria’s political landscape further emphasize the need for reconstruction.

In a significant development for Syria, Saudi Arabia and Qatar announced on Sunday their intention to repay the country’s debt to the World Bank, which totals $15 million. This payment is seen as a vital step towards facilitating Syria’s recovery. By clearing these outstanding arrears, both nations believe that Syria can regain access to crucial financial support shortly, aiding in the rebuilding of various critical sectors.

According to a joint statement from Riyadh and Doha, the financial assistance will also bring much-needed technical support that is essential for institutional rebuilding, capacity development, and refining policy frameworks conducive to development. The statement emphasized the necessity for international and regional financial institutions to rapidly resume and broaden their developmental activities in Syria, advocating for collective efforts to support the aspirations of the Syrian people.

In the backdrop of these developments, Syria’s central bank governor and finance minister made a notable appearance at the recent spring meetings of the IMF and World Bank—marking their first participation in over two decades. Additionally, IMF Director Kristalina Georgieva announced intentions to aid Syria’s institutional reconstruction and its reintegration into the global economy.

The political landscape of Syria has undergone significant changes recently. Following nearly 25 years of rule under Bashar Assad, he has fled to Russia, effectively ending the Baath Party’s prolonged governance that began in 1963. A transitional administration was subsequently established in late January, which led to the dissolution of the constitution, security services, armed factions, parliament, and the Baath Party itself.

The repayment of Syria’s debt to the World Bank by Saudi Arabia and Qatar represents a critical move towards the country’s economic recovery. With hopes for renewed access to financial support, Syria aims to rebuild its institutions and enhance its global economic engagement. The international community’s anticipated support, alongside recent changes in the country’s governance, paints a complex but hopeful picture for Syria’s future.

Original Source: www.yenisafak.com