Saudi Arabia and Qatar have explained the reason they agreed to clear Syria’s debt to the World Bank, amounting to around $15 million, according to a statement published by the Saudi Press Agency.
The countries noted that the move is aimed at helping reverse the economic fortunes of a nation beset by years of war.
Both Gulf states have played a key role in the diplomatic outreach to Syria’s new interim government since the ouster of longtime leader President Bashar al-Assad in December.
Saudi Arabia and Qatar have a pivotal role in the diplomatic outreach to Syria’s new interim government since the ouster of longtime leader President Bashar al-Assad in December last year.
“The ministries of finance in the kingdom of Saudi Arabia and the state of Qatar jointly announce their commitment to settle Syria’s outstanding arrears to the World Bank Group, totalling around $15 million,” the statement said on Sunday.
The decision came just days after Syria’s central bank governor and finance minister attended the International Monetary Fund and World Bank spring meetings for the first time in more than 20 years.
Recall that the World Bank had suspended operations in Syria after the start of the war, which began with a bloody crackdown on pro-democracy protests during the Arab Spring in 2011.
Further analysis showed that the settlement of the country’s arrears will enable it to resume accessing the bank’s financial support and technical advice.
“This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than 14 years.
“It will also unlock Syria’s access to financial support in the near term for the development of critical sectors,” the statement added.
DAILY POST reports that Al-Assad was ousted in a lightning offensive by opposition fighters led by the Hay’et Tahrir al-Sham armed group last December.
