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

Saudi Arabia and Qatar will clear Syria’s $15 million World Bank debt, aiming to accelerate recovery. This will reopen financial support avenues for critical development and highlight international collaboration for a better future for Syria.

Saudi Arabia and Qatar announced on Sunday their intention to repay Syria’s $15 million debt to the World Bank. Their goal is clear: they believe this action will help foster recovery in Syria, which has been devastated by years of conflict.

In a joint statement, the two nations explained that settling Syria’s outstanding debt would open the door to crucial financial aid. This support is needed for key sectors and will also provide technical assistance aimed at reshaping Syria’s institutions and policy frameworks to promote development.

Notably, the statement urged international and regional financial organizations to swiftly resume and enhance their development initiatives in Syria. Their message was about unity and cooperation to fulfill the hopes of the Syrian people for a brighter future.

Highlighting Syria’s changing landscape, officials from the country’s central bank and finance ministry attended the recent IMF and World Bank meetings for the first time in over two decades. This move indicates a shift towards re-engagement with international financial bodies.

Additionally, Kristalina Georgieva, the Managing Director of the IMF, announced plans to assist Syria in rebuilding its institutions and reintegrating into the global economic landscape. These developments follow significant political changes, including Bashar Assad’s flight to Russia in December, which marked the end of the Baath Party’s long-standing rule.

Since then, a transitional administration has been established, leading to the dissolution of Syria’s constitution, security services, armed groups, parliament, and the Baath Party itself. This monumental shift sets the stage for what could be a new chapter in Syria’s history, one that hinges on cooperation and international support.

In conclusion, the commitment by Saudi Arabia and Qatar to pay off Syria’s debt is a notable step towards the country’s recovery. This initiative could reestablish Syria’s access to global financial support, essential for rebuilding its institutions and economy. As both nations encourage wider international collaboration, the hope is for a more stable and prosperous future for the Syrian people, especially in light of recent political transformations.

Original Source: www.yenisafak.com