Saudi Arabia and Qatar announced the settlement of Syria’s debts to the World Bank
Saudi Arabia and Qatar announced the settlement of Syria’s arrears to the World Bank Group, amounting to approximately $15 million.
This came in a joint statement by the two countries’ finance ministries, on Sunday.
According to the joint statement, “The Ministries of Finance in both the Kingdom of Saudi Arabia and Qatar announced the payment of Syria’s arrears to the World Bank Group, amounting to approximately $15 million”.
The statement explained that the repayment comes as a continuation of the efforts of Saudi Arabia and the State of Qatar to support and accelerate the economic recovery of the sisterly Syrian Arab Republic, and in light of what was discussed during the roundtable meeting on Syria on the sidelines of the spring meetings of the World Bank Group and the International Monetary Fund.
The joint statement pointed out that repaying the arrears “will enable the World Bank Group to resume its support to Syria, after a hiatus of more than fourteen years”.
“Furthermore, it will also allow Syria to receive allocations from the World Bank in the near future to support urgent sectors, in addition to technical support that will, in turn, contribute to rebuilding institutions, developing capacities, and reforming policies to accelerate the pace of development,” according to the joint statement.
In their joint statement, Saudi Arabia and Qatar 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.
On Thursday, International Monetary Fund Managing Director Kristalina Georgieva said their goal is to help Syria rebuild its institutions and thus integrate into the global economy.
Georgieva stated, in a press conference held during the spring meetings of the International Monetary Fund and the World Bank, that they held a meeting with Syria in the presence of the Syrian central bank governor and finance minister for the first time in more than 20 years.
