Saudi Arabia, Qatar to pay off Syria’s $15M debt to World Bank

Saudi Arabia and Qatar have said that they will pay off Syria’s debt to the World Bank totalling $15 million.

In a joint statement on Sunday, the two countries said that clearing Syria’s outstanding arrears to the World Bank will help accelerate the country’s recovery.

"It will also unlock Syria’s access to financial support in the near term for the development of critical sectors, as well as technical assistance that will contribute to institutional rebuilding, capacity development, and policy formulation and reform to drive development," the statement said.

The two countries called on international and regional financial institutions to "quickly resume and expand their development work in Syria, combine their efforts, and support everything that would achieve the aspirations of the brotherly Syrian people for a promising future."

A transitional administration

Syria’s central bank governor and finance minister attended the IMF and World Bank spring meetings earlier this week for the first time in more than 20 years.

On Thursday, IMF Director Kristalina Georgieva said that the IMF intends to assist Syria in rebuilding its institutions and reintegrating it into the global economy.

Bashar Assad, who ruled Syria for nearly 25 years, fled to Russia in December, ending the Baath Party’s decades-long rule that began in 1963.

A transitional administration was formed in late January, dissolving the constitution, armed factions, parliament, and the Baath Party.

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Source: TRT