Saudi Arabia and Qatar will repay Syria’s $15 million debt to the World Bank, aiming to quicken the country’s recovery. Their joint statement emphasizes this step’s importance for financial and institutional development. The IMF highlights its support for Syria’s reintegration into the global economy after years of isolation due to conflict.
In a significant move announced on Sunday, Saudi Arabia and Qatar have committed to repaying Syria’s $15 million debt to the World Bank. This decision is framed as a vital step towards speeding up Syria’s recovery process after years of turmoil and conflict. The two nations expressed hope that clearing these financial obligations could pave the way for Syria to regain critical financial support and foster development in various sectors.
The joint statement from the two countries emphasized that addressing Syria’s arrears will not only facilitate immediate financial assistance, but will also contribute to the broader goals of institutional rebuilding, capacity enhancement, policy formulation, and developmental reforms. They urged international and regional financial institutions to quickly rekindle and expand their development efforts in Syria, aligning their commitments with the aspirations of the Syrian citizens seeking a secure and hopeful future.
Notably, the Syrian central bank governor and finance minister attended the spring meetings of the International Monetary Fund and World Bank earlier this week; this marked their participation after a two-decade hiatus. IMF Managing Director Kristalina Georgieva has indicated that the IMF is committed to aiding Syria in restoring its institutions and reestablishing its role in the global economy.
Following the nearly 25-year rule of President Bashar Assad, who fled to Russia in December 2022, a transitional administration was formed in January 2023. This transition involved dismantling the constitution, security services, armed factions, parliament, and the longstanding Baath Party, which had been in power since 1963.
In summary, Saudi Arabia and Qatar’s announcement to address Syria’s $15 million debt to the World Bank is poised to enhance Syria’s access to essential financial resources. This move, lauded as crucial for the nation’s recovery, coupled with the recent international financial discussions, reflects a significant shift in Syria’s post-conflict economic landscape. The international community’s increased focus may lead to further development opportunities for the Syrian people, who seek a more stable and prosperous future.
Original Source: www.yenisafak.com
