Saudi Arabia and Qatar Propel Syria's Economic Recovery with Debt Payment

Saudi Arabia and Qatar announced they will cover Syria's nearly $15 million debt to the World Bank, potentially resuming international support for Syria. This move follows the rise of Syria's new leadership after Bashar Assad's fall. The gesture is seen as critical to Syria's recovery and infrastructure rebuilding.

Saudi Arabia and Qatar have announced their intention to clear Syria's outstanding $15 million debt to the World Bank, a decision likely to renew the organization's support for the embattled nation. This announcement comes from the finance ministries of both countries following recent meetings held in Washington by the World Bank and IMF.

The Syrian Foreign Ministry expressed gratitude towards the two Gulf nations, highlighting the payment as a catalyst for vital cooperation in the post-conflict recovery and reconstruction phase. Since the overthrow of Bashar Assad, Saudi Arabia and Qatar have been crucial supporters of Syria's new government. Estimates suggest rebuilding efforts could now reach $400 billion.

The joint statement indicated that resolving the debt issue will allow the resumption of World Bank activities that have been on hold for the last 14 years, fostering developments in essential sectors. Meanwhile, Western sanctions continue to hinder full-scale development, although some countries are beginning to ease restrictions.

(With inputs from agencies.)