Saudi Arabia and Qatar are set to repay Syria’s $15 million debt to the World Bank, a move expected to aid in the country’s recovery and access to financial support. The two countries also called for broader development efforts to assist the Syrian people as they navigate a post-Conflict landscape.
In a significant move, Saudi Arabia and Qatar have announced plans to pay off Syria’s debt of $15 million to the World Bank. This decision was communicated in a joint statement on Sunday, highlighting its potential to aid in Syria’s recovery efforts. By clearing these outstanding arrears, the two nations believe they can help lift financial constraints currently hampering the country.
The statement elaborates that repaying Syria’s debt will not only provide immediate financial relief but also enable access to essential support for developing key sectors. Furthermore, it emphasizes the importance of technical assistance, which could be instrumental in institutional rebuilding, policy reform, and overall capacity development in Syria.
Saudi Arabia and Qatar further urged both international and regional financial institutions to expedite their development efforts in Syria. They are advocating for collaboration to enhance support that meets the aspirations of the Syrian people for a brighter future. This renewed commitment comes at a critical time as Syria struggles with the remnants of conflict.
Notably, Syrian officials, including the central bank governor and finance minister, participated in the IMF and World Bank meetings for the first time in over two decades. This marks an attempt to re-engage with the global financial system following years of isolation. IMF Director Kristalina Georgieva recently indicated the organization’s readiness to support Syria in rebuilding its institutions and getting back into the global economy.
In the backdrop of these developments, Bashar Assad, who has ruled Syria for nearly 25 years, fled to Russia in December, leading to the dissolution of the ruling Baath Party. A transitional administration was put in place at the end of January, which dissolved various state structures including the constitution and security services. It’s a moment of both uncertainty and cautious hope as Syria seeks to redefine its future.
In summary, Saudi Arabia and Qatar’s decision to clear Syria’s $15 million debt to the World Bank could be a significant step toward reviving its economy. This move may enhance financial access, encourage necessary reforms, and foster development in critical areas. The commitment of international entities, including the IMF, seems vital for Syria’s recovery process as it navigates a complicated political landscape post-Assad.
Original Source: www.yenisafak.com
