Saudi Arabia and Qatar will repay Syria’s $15 million World Bank debt, aiming to boost the country’s recovery. This payment is expected to unlock financial support, and they urge international institutions to enhance development work in Syria. Following the political shifts in the region, Syria seeks to rejoin the global economic community.
In a significant move, Saudi Arabia and Qatar have announced plans to eliminate Syria’s outstanding $15 million debt to the World Bank. This pledge aims to bolster Syria’s recovery efforts amid ongoing challenges. In a joint statement released on Sunday, the two Gulf nations emphasized that clearing this debt is vital for unlocking vital financial support needed for Syria’s growth and development.
The statement detailed that paying off the arrears will not only aid in providing immediate financial backing for crucial sectors but also facilitate valuable technical assistance. This help is aimed at rebuilding institutions, enhancing capabilities, and reforming policies essential for Syria’s development trajectory.
Furthermore, the two countries urged both international and regional financial institutions to promptly resume and broaden their development initiatives in Syria. They stressed the importance of collective efforts in supporting the aspirations of the Syrian people for a brighter future.
Interestingly, this comes after Syria’s central bank governor and finance minister made their first appearance at IMF and World Bank meetings in over two decades. This signifies a possible shift in Syria’s economic landscape, as IMF Director Kristalina Georgieva noted intentions to aid Syria in revitalizing its institutions and rejoining the global economy.
In a related political context, it’s worth mentioning that Bashar Assad has been in power for nearly 25 years, but as of December, he fled to Russia. His departure effectively marked the end of the Baath Party’s lengthy reign since 1963. Just recently, a transitional administration was established, leading to the dissolution of various governmental pillars, including the existing constitution, security services, and parliament.
Saudi Arabia and Qatar’s commitment to paying off Syria’s World Bank debt is a pivotal step aimed at aiding the nation’s recovery and unlocking essential financial assistance. Their call for international cooperation further indicates a new phase in Syria’s economic strategy. With recent leadership changes and engagement with global financial institutions, Syria could be on the brink of significant transformation in both governance and economic resilience.
Original Source: www.yenisafak.com
