Saudi Arabia and Qatar announced on Sunday that they will pay off Syria’s $15 million debt to the World Bank, aiming to accelerate the country’s recovery. The action is expected to unlock access to financial support for essential sectors and technical assistance necessary for rebuilding. Both nations have urged financial institutions to enhance their work in Syria to meet the aspirations of its people.
On Sunday, Saudi Arabia and Qatar made a significant financial commitment by announcing plans to settle Syria’s $15 million debt to the World Bank. The two nations believe that eliminating Syria’s financial obligations will help speed up the nation’s recovery. They emphasized that this action would facilitate Syria’s access to essential financial support for critical sectors, as well as technical assistance crucial for rebuilding institutional frameworks and developing policies for long-term growth.
In the joint statement, the representatives from both countries urged international and regional financial institutions to swiftly restore and enhance their development initiatives in Syria. They asserted the importance of collaborative efforts to support the aspirations of the Syrian populace for a brighter future. This move comes at a pivotal time, as Syrian officials, including the governor of the central bank and the finance minister, recently attended the IMF and World Bank spring meetings for the first time in over two decades.
IMF Director Kristalina Georgieva remarked earlier this week that the organization is prepared to assist Syria in its efforts to rebuild its institutions and rejoin the global economy. The backdrop to these developments is the recent political upheaval in Syria, where Bashar Assad, who had led the country for almost 25 years, fled to Russia last December, marking the end of the Baath Party’s decades-long control that began in 1963. Following this, a transitional administration was established in late January, effectively dissolving the existing constitution, parliament, armed factions, and the Baath Party itself.
In conclusion, Saudi Arabia and Qatar’s initiative to clear Syria’s $15 million debt to the World Bank is seen as a potential catalyst for the country’s recovery. This step is intended not only to facilitate financial support but also to encourage broader international cooperation aimed at rebuilding Syria’s institutions and economy following years of conflict and political transition. The involvement of the IMF adds an additional layer of potential for progress in Syria’s reintegration into the global economic community.
Original Source: www.yenisafak.com
