Syria’s arrears to the World Bank are around $15 million.
Saudi Arabia and Qatar have announced that Syrian debt will total approximately $15 million in their latest efforts to overturn the economic fate of a nation plagued by years of war, according to a statement released by Saudi media outlets.
Both Gulf countries have played a key role in diplomatic outreach to Syria’s new interim government since the ouster of long-standing leader Bashar al-Assad in December.
“The Kingdom of Saudi Arabia’s Treasury Ministry and Qatar have jointly announced their commitment to the World Bank Group to ease Syria’s outstanding arrears, revealing a total of around $15 million,” the statement said on Sunday.
It came just days after the Syrian central bank governor and finance minister attended the spring meeting of the International Monetary Fund and the World Bank for the first time in more than 20 years.
The World Bank halted operations in Syria after the start of a war that began with a bloody crackdown on democratic protests during the 2011 Arab Spring.
“This commitment will pave the way for the World Bank Group to resume support and operations in Syria after more than 14 years of suspension,” the statement said.
“We will also unlock access to Syria’s financial support in the short term for the development of critical sectors.”
Al Assad was exiled in December last year in a lightning strike by opposition fighters led by Hay’et Tahrir Al-Sham armed group.
The new Syrian government is trying to rebuild the country’s diplomatic ties, including international financial institutions. We also hope that wealthy Gulf Arab countries will play a pivotal role in rebuilding the Syrian war-torn infrastructure and reviving its economy.
The government, led by interim president Ahmed Al-Sharara, also wants to give al-Assad loyalists privileged access to government contracts and move key industries away from the corrupt system that has kept the Al-Assad family’s hands.
Earlier this month, UN officials said Syrian authorities should begin the economic recovery process without waiting for Western sanctions imposed under al-Assad rules to be lifted.
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