Gulf States Pay Off $15.5 Million Syrian Debt to World Bank
In a significant development for Syria’s post-conflict recovery, Saudi Arabia and Qatar have jointly settled Syria’s outstanding debt to the World Bank, totaling approximately $15 million. This financial gesture marks a pivotal step toward reintegrating Syria into the global economic system and facilitating its reconstruction efforts.
The debt repayment was announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, where Syrian officials participated for the first time in over two decades. The settlement is expected to pave the way for the World Bank to resume its support and operations in Syria, which had been suspended since the onset of the civil war in 2011. This support is crucial for the development of critical sectors and the rebuilding of Syria’s war-torn infrastructure.
Saudi Finance Minister Mohammed al-Jadaan emphasized the importance of international support for Syria’s recovery, stating, “We need to support countries affected by conflict, including Syria, Yemen, Sudan, Lebanon, and Palestine.” This sentiment underscores the broader regional commitment to Syria’s stabilization and development.
In addition to the debt repayment, Qatar has initiated the supply of natural gas to Syria via Jordan, aiming to alleviate the severe electricity shortages that have plagued the country. This energy support is vital, as many Syrians currently experience only a few hours of electricity per day. The United States has also signaled a potential shift in its stance by indicating a willingness to lift sanctions imposed during the previous regime, which could further facilitate international investments in Syria’s reconstruction.
These developments reflect a concerted effort by regional and international actors to support Syria’s new government in stabilizing the nation after years of civil war and dictatorship. The collaboration between Saudi Arabia, Qatar, and other stakeholders signifies a renewed commitment to Syria’s recovery and its reintegration into the global community.