WEB DESK: Saudi Arabia and Qatar have announced a joint initiative to clear Syria’s outstanding debt to the World Bank, amounting to approximately $15 million.
According to the statement from the Saudi Press Agency. This move is part of a broader strategy to help revitalize the Syrian economy, which has been severely impacted by years of conflict.
The two Gulf nations have been actively engaged in diplomatic efforts to support Syria’s interim government following the ousting of longtime President Bashar al-Assad in December.
In their statement released on Sunday, the ministries of finance from both Saudi Arabia and Qatar confirmed their commitment to paying off Syria’s arrears to the World Bank Group.
This announcement follows the recent attendance of Syria’s central bank governor and finance minister at the International Monetary Fund and World Bank spring meetings, marking their first participation in over two decades.
The World Bank had previously halted operations in Syria due to the civil war, which began in 2011 following violent crackdowns on pro-democracy protests during the Arab Spring. Settling Syria’s debt will pave the way for the country to regain access to the Bank’s financial assistance and expertise, aiding its recovery and economic stabilization efforts.
