Saudi Arabia and Qatar will repay Syria’s $15 million debt to the World Bank, aiming to expedite the country’s recovery and open financial support avenues. International institutions are encouraged to assist Syria for its development and rebuilding efforts following significant political changes.
In a significant move, Saudi Arabia and Qatar have announced their commitment to settle Syria’s $15 million debt to the World Bank. This decision, made public on Sunday, aims to facilitate Syria’s recovery—an effort that has drawn international attention.
According to the joint statement released by the two countries, addressing Syria’s outstanding arrears is expected to expedite financial support crucial for various sectors within the nation. Additionally, it emphasizes the need for technical assistance to aid in institutional rebuilding and policy reform that will further drive Syria’s development.
Saudi Arabia and Qatar have additionally urged international and regional financial institutions to swiftly resume and enhance their development activities in Syria, emphasizing a united effort to fulfill the aspirations of the Syrian people in search of a brighter future.
This month marked a notable occasion as Syria’s central bank governor and finance minister participated in the International Monetary Fund (IMF) and World Bank spring meetings for the first time in over two decades. During these meetings, IMF Director Kristalina Georgieva stated the organization’s intent to assist in rebuilding Syria’s institutions and aid its reintegration into the global economy.
The context around this development is vital; Bashar Assad, who has governed Syria for almost 25 years, left for Russia in December. His departure marked the ending of the Baath Party’s prolonged rule which began in 1963. A transitional administration was established in January, leading to the dissolution of the constitution, security services, armed factions, parliament, and the Baath Party as part of this ongoing change in governance.
In summary, Saudi Arabia and Qatar’s decision to pay Syria’s $15 million debt to the World Bank aims to accelerate the country’s recovery and access to international support. As Syria navigates a period of profound change following the exit of Bashar Assad, the actions of these two nations, along with support from global financial institutions, could play a crucial role in Syria’s rebuilding efforts and reintegration into the international community.
Original Source: www.yenisafak.com
