Saudi Arabia and Qatar to Repay Syria’s World Bank Debt for Recovery Efforts

Saudi Arabia and Qatar will pay off Syria’s $15 million debt to the World Bank to assist in the country’s recovery and development. The move also encourages international support for Syria’s rebuilding efforts and re-entry into the global economy.

In a significant move, Saudi Arabia and Qatar have jointly committed to repaying Syria’s $15 million debt to the World Bank. The announcement came on Sunday and aims to facilitate Syria’s recovery process. These funds, as highlighted in their joint statement, will enable Syria to regain access to much-needed financial support needed for crucial development initiatives.

Additionally, the repayment is expected to provide technical assistance that will be vital for rebuilding institutions and developing policies that will foster progress in a recovering Syria. The joint statement also urged international and regional financial entities to quickly resume and expand their developmental efforts in Syria, stressing the importance of combined efforts to meet the aspirations of the Syrian people.

Last week marked a turning point, as Syria’s central bank governor and finance minister made their first appearance at the IMF and World Bank spring meetings in over two decades. This attendance signifies an opening for Syria amid ongoing efforts to reintegrate into the global economy, as indicated by IMF Director Kristalina Georgieva’s remarks on the organization’s intentions to support institutional rebuilding in Syria.

The geopolitical landscape surrounding Syria has changed dramatically recently. Following nearly 25 years under the rule of Bashar Assad, the country finds itself undergoing significant transformation. Since fleeing to Russia in December, Assad’s departure marked the end of the Baath Party’s long-standing governance that began in 1963. Now, a transitional administration is in place, having dissolved the constitution, as well as parliament and security services, amidst a push for a new direction.

The joint announcement by Saudi Arabia and Qatar regarding the repayment of Syria’s debt to the World Bank represents a promising step toward Syria’s recovery. The repaid funds will potentially unlock financial and technical support for vital sectors within the country. Additionally, Syria’s re-engagement with international financial institutions marks a notable shift, reflecting a broader effort to stabilize and rebuild the war-torn nation post-Assad’s era and the dissolution of the Baath Party’s control.

Original Source: www.yenisafak.com