Syria's outstanding debt to the World Bank amounts to approximately $15 million. An atrium at the World Bank headquarters in Washington, D.C.
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Saudi Arabia and Qatar have announced their plans to pay off Syria's debt to the World Bank, which is estimated at around $15 million.
This decision, disclosed by the Saudi Press Agency, represents a significant step in efforts to improve the economic condition of a nation that has been severely impacted by civil war. The two Gulf nations have been instrumental in engaging with Syria's new interim government following the removal of long-time leader President Bashar al-Assad last December.
On Sunday, the ministries of finance from both Saudi Arabia and Qatar released a statement affirming their commitment to settle Syria's arrears to the World Bank Group.
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The announcement follows Syria's central bank governor and finance minister attending the International Monetary Fund and World Bank spring meetings for the first time in over two decades. The World Bank had halted its operations in Syria when the civil war erupted. By settling these arrears, Syria will be able to regain access to the bank's financial assistance and technical expertise.
"This commitment will facilitate the World Bank Group's ability to resume its support and operations in Syria after a suspension lasting more than 14 years," the Saudi statement emphasized. "It will also enable Syria to access essential financial resources for the development of key sectors in the near future." In related developments, Syria's interim leader Ahmed al-Sharaa met with Qatar's Emir in Doha. Simultaneously, Israel carried out strikes in southern Beirut shortly after issuing an evacuation order.
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The conflict, which has persisted for almost 14 years, has devastated much of Syria's infrastructure. It began with a violent response to pro-democracy protests during the Arab Spring in 2011. Al-Assad was ousted in a swift offensive by Islamist-led forces last December, prompting Syria's new government to seek to restore diplomatic relations, including with international financial organizations. Syrian officials are relying on wealthy Gulf Arab states to play a crucial role in financing the reconstruction of their war-torn country and revitalizing its economy. The government under interim President Ahmed al-Sharaa aims to move away from the corrupt practices that previously allowed al-Assad loyalists exclusive access to government contracts and monopolized vital industries.
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Earlier this month, a UN official stated that Syria's authorities should initiate the economic recovery process without delay, even if Western sanctions imposed during al-Assad's regime have yet to be lifted. This information was reported by Al-Jazeera.
Edited by Bosman