BEIRUT. Saudi Arabia and Qatar announced on Sunday that they will pay Syria’s outstanding debt to the World Bank, a significant move expected to unlock the international institution’s support for Syria’s recovery after more than a decade of conflict.
In a joint statement issued by the finance ministries of both Gulf nations, officials confirmed that the decision to settle Syria’s nearly $15 million debt was made during this month’s meetings of the World Bank and International Monetary Fund (IMF) in Washington.
Syria’s Foreign Ministry expressed gratitude to Saudi Arabia and Qatar, stating the move “opens the way for activating cooperation toward recovery and reconstruction” after 14 years of devastating conflict, which has killed half a million people and left much of the country in ruins.
Since the collapse of Bashar Assad’s government in early December, when insurgent groups led by the Islamist Hayat Tahrir al-Sham (HTS) stormed Damascus, Saudi Arabia and Qatar have emerged as the main backers of the country’s new leadership.
The World Bank had suspended its operations in Syria for over 14 years. Now, according to the Saudi-Qatari statement, the payment of Syria’s debt “will facilitate the resumption of World Bank support and activities” and allow Syria to access future allotments for “vital sectors,” although the statement did not specify which sectors would benefit first.
The scale of Syria’s reconstruction needs is staggering. A 2017 United Nations estimate put the cost of rebuilding at $250 billion, but some experts now believe that figure could exceed $400 billion.
Syria’s infrastructure has been heavily damaged since the conflict began in March 2011. In a related effort to ease hardships, Qatar started supplying Syria with natural gas via Jordan last month to mitigate widespread electricity shortages across the country.
Despite these efforts, the country continues to face major hurdles, including longstanding Western sanctions primarily targeting the former Assad regime and its officials. These sanctions have severely restricted Syria’s access to international financial systems and development aid.
The new Syrian government, led by President and HTS leader Ahmad al-Sharaa, has yet to be formally recognized by the United States. HTS remains designated as a terrorist organization by Washington, and many of the sanctions imposed during Assad’s rule are still in place.
However, some signs of softening have emerged. In January, the U.S. Treasury issued a six-month general license authorizing certain transactions with the Syrian government, including limited energy sales and incidental financial dealings. Meanwhile, the European Union has also eased some restrictions, suspending sanctions related to Syria’s energy, transport, and aviation sectors.
The United Kingdom announced on Thursday that it was lifting sanctions on a dozen Syrian entities, including various government departments and media outlets, further signaling a cautious shift in international engagement with Syria’s new leadership.
Si Venus L Peñaflor ay naging editor-in-chief ng Newsworld, isang lokal na pahayagan ng Laguna. Publisher din siya ng Daystar Gazette at Tutubi News Magazine. Siya ay isa ring pintor at doll face designer ng Ninay Dolls, ang unang Manikang Pilipino. Kasali siya sa DesignCrowd sa rank na #305 sa 640,000 graphic designers sa buong daigdig. Kasama din siya sa unang Local TV Broadcast sa Laguna na Beyond Manila. Aktibong kasapi siya ng San Pablo Jaycees Senate bilang isang JCI Senator.
- Venus L Peñaflorhttps://tutubi.ph/author/venusp/
- Venus L Peñaflorhttps://tutubi.ph/author/venusp/
- Venus L Peñaflorhttps://tutubi.ph/author/venusp/
- Venus L Peñaflorhttps://tutubi.ph/author/venusp/
