Saudi Arabia and Qatar announced on Sunday their joint initiative to pay off Syria’s $15 million debt to the World Bank.
In a shared statement, the two nations stated that settling Syria’s arrears would expedite the war-torn country’s recovery.
They emphasized that this action would unlock Syria’s access to near-term financial support for vital sectors, along with technical assistance for institutional rebuilding and policy reform aimed at driving development.
Both countries urged international and regional financial institutions to swiftly resume and expand their development work in Syria, combining efforts to support the aspirations of the Syrian people for a brighter future.
Syria’s Foreign Ministry expressed its deep gratitude to Qatar and Saudi Arabia for their “generous brotherly initiative,” noting that it reflects a shared commitment to support the Syrian people and ease their economic burdens.
The ministry added that this move opens doors for enhanced cooperation with international institutions to support recovery and reconstruction efforts, emphasizing that “joint Arab cooperation is the best way to address the current challenges.”
Syria’s central bank governor and finance minister recently attended the IMF and World Bank Spring meetings, marking the country’s first participation in over two decades.
IMF Director Kristalina Georgieva affirmed the lender’s intention to assist Syria in rebuilding its institutions and reintegrating into the global economy.
This development follows recent political shifts in Syria, including the formation of a transitional administration after Bashar al-Assad’s departure.
