Saudi Arabia and Qatar announced on Sunday that they will pay off Syria’s $15 million debt to the World Bank.
In a joint statement, the two countries said that clearing Syria’s outstanding arrears will help accelerate the country’s recovery.
They emphasized that it will also unlock Syria’s access to financial support for developing critical sectors. Moreover, it will provide technical assistance for institutional rebuilding, capacity development, and policy reform.
The statement called on international and regional financial institutions to quickly resume and expand their development work in Syria.
It urged them to combine efforts and support initiatives to fulfill the aspirations of the Syrian people for a promising future.
Syria’s central bank governor and finance minister attended the IMF and World Bank spring meetings earlier this week. It marked Syria’s first participation in more than 20 years.
On Thursday, IMF Director Kristalina Georgieva stated that the IMF intends to assist Syria in rebuilding its institutions. They aim to reintegrate into the global economy.
The developments come after Bashar Assad, who ruled Syria for nearly 25 years, fled to Russia in December. This ended the Baath Party’s decades-long rule that began in 1963.
A transitional administration was formed in January, dissolving the constitution, security services, armed factions, parliament, and the Baath Party.
