Riyadh: Saudi Arabia and Qatar announced on Sunday their decision to settle Syria's $15 million debt to the World Bank. The joint statement from the two nations emphasized that addressing Syria's outstanding arrears would facilitate the country's recovery from years of conflict.
According to Anadolu Agency, the payment will not only pave the way for Syria to regain access to financial support for vital sector development but also enable the provision of technical assistance. This assistance aims to aid in institutional rebuilding, capacity development, and policy reform, which are crucial for driving Syria's development. Furthermore, the statement urged international and regional financial institutions to swiftly resume and expand their development efforts in Syria, calling for a unified approach to support the Syrian people's aspirations for a better future.
The Syrian Foreign Ministry expressed its gratitude, acknowledging the "generous brotherly initiative" from Saudi Arabia and Qatar. The ministry stated that settling the financial arrears is a reflection of a shared commitment to support the Syrian populace and alleviate economic hardships. This act is seen as a step towards enhancing cooperation with international entities to bolster recovery and reconstruction initiatives. The ministry also highlighted the significance of Arab cooperation in addressing current challenges, expressing optimism for strengthened relations with Qatar and Saudi Arabia to promote regional stability.
Syria's participation in the IMF and World Bank Spring meetings earlier in the week marks its first involvement in over two decades. The meetings were attended by Syria's central bank governor and finance minister, signaling a potential reintegration into the global economic community. Kristalina Georgieva, the IMF director, indicated that the global financial institution is prepared to assist Syria in rebuilding its institutions and reintegrating into the world economy.
The recent political changes in Syria, including the departure of long-time ruler Bashar al-Assad to Russia in December and the formation of a transitional administration in January, have dissolved the Baath Party's long-standing governance structure. These developments are seen as significant steps towards restructuring and stabilizing the nation after years of turmoil.