Syria's Debt Cleared: A New Era of Reconstruction and Support

The World Bank announced that Syria's $15.5 million debt has been cleared with payments from Saudi Arabia and Qatar. This development allows Syria to apply for new grants for reconstruction and budget support through the World Bank, marking a milestone for the nation.

The World Bank has officially cleared Syria's outstanding debt of $15.5 million, following payments made by Saudi Arabia and Qatar. This crucial financial resolution enables Syria to qualify for new grant programs aimed at reconstruction and budget support, as confirmed by the World Bank.

The eligibility for these grants, however, remains subject to the World Bank's operational policies. The announcement followed the April declaration by Saudi Arabia and Qatar, which committed to covering Syria's arrears, facilitating this debt clearance.

As of May 12, Syria is reported to have no outstanding balances with the International Development Association, the World Bank's fund dedicated to supporting the world's poorest countries, marking a significant turning point in its economic recovery journey.

(With inputs from agencies.)