Saudi Arabia and Qatar will pay off Syria’s $15 million debt to the World Bank, which aims to accelerate the country’s recovery and provide access to financial support. International financial institutions are urged to step up their aid efforts, as Syria begins to reintegrate into the global economy after major political changes.
In a significant development, Saudi Arabia and Qatar announced on Sunday their commitment to settle Syria’s $15 million debt to the World Bank. This move is seen as a crucial step in fostering Syria’s recovery process. By clearing these outstanding dues, the nations argued it would enhance Syria’s access to financial support needed for important sectors and facilitate critical technical assistance.
The joint statement released by the two countries emphasized that this repayment is not merely a financial gesture, but rather a key component to support Syria’s institutional rebuilding efforts. The statement underscored the necessity for international and regional financial organizations to “quickly resume and expand their development work in Syria,” calling for collective action to meet the aspirations of the Syrian populace.
In a related note, Syria’s central bank governor and finance minister actively participated in the International Monetary Fund (IMF) and World Bank spring meetings for the first time in more than two decades. This engagement indicates a potential shift towards re-establishing Syria on the international economic stage.
IMF Director Kristalina Georgieva remarked on Syria’s situation, emphasizing that the IMF is prepared to assist the country in rebuilding its institutional framework while facilitating its reintegration into the global economy. The backdrop of this development includes significant political shifts within Syria, as Bashar Assad’s long-standing regime ended in December when he fled to Russia after nearly 25 years in power. This change has led to the formation of a transitional administration earlier this year.
The landscape is evolving rapidly, with a new transitional government dismantling previous institutions and the Baath Party’s withdrawal from governance. The steps taken by Saudi Arabia and Qatar can be perceived as support for Syria’s move towards recovery and renewal amid ongoing challenges.
Saudi Arabia and Qatar’s decision to pay Syria’s World Bank debt of $15 million marks a pivotal effort in aiding the country’s recovery. Their statement highlights the need for resumed international support and collaboration in Syria’s development. With recent participation in IMF and World Bank meetings, Syria appears poised to rejoin the global economy, especially following the significant political changes that have taken place in the nation.
Original Source: www.yenisafak.com
