Saudi Arabia, Qatar settle Syria’s World Bank debt

In a significant move towards the reconstruction of the Syrian economy, Saudi Arabia and Qatar have undertaken the responsibility of settling the Damascus government’s debt to the World Bank Group.

The new Damascus administration, led by HTS, which requires foreign resources to revitalize its economy, has received crucial support from Saudi Arabia and Qatar. According to a joint statement, the two countries have jointly assumed Syria’s outstanding debts to the World Bank Group as part of their efforts to support the recovery of the Syrian economy.

A joint statement from the finance ministries of both countries indicated that the aim is to contribute to Syria’s reintegration into the international financial system. In this context, it was noted that Syria’s debt of $15 million has been paid.

Saudi Arabia and Qatar called on international and regional financial institutions to urgently resume development activities in Syria, intensify their efforts, and support all initiatives that meet the Syrian people’s expectations for a humanitarian future.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated on April 24 that they aim to help Syria rebuild its institutions and thus integrate into the global economy.

Georgieva mentioned that they held a meeting with Syria during the IMF and World Bank Spring Meetings.

The meeting was attended by Syrian Minister of Finance Mohammed Yisr Barnieh and Governor of the Central Bank of Syria Abdulkader Husrieh. Barnieh and Husrieh were the first Syrian officials to attend these meetings in over 20 years.

The World Bank had suspended its operations in Syria following the outbreak of the proxy war in the country. The payment of Damascus’s overdue debts will reopen the door for the bank to provide grants.

The HTS transitional government is relying on its Arab allies to play a significant role in financing the reconstruction of infrastructure heavily damaged during the 14-year war and in revitalizing its economy.