Saudi Arabia and Qatar have pledged to jointly pay around $15 million to settle Syria's debt to the World Bank. This move is expected to unlock renewed development funding for the war-torn country. The announcement was made during the Syria Roundtable Meeting held in Washington from April 21 to 26. The settlement will allow Syria to access World Bank resources.

The finance ministries of Saudi Arabia and Qatar stated that the payment will enable the World Bank to resume its support for Syria after a 14-year interruption. The renewed engagement will facilitate technical assistance programs focused on capacity building and policy reforms to stimulate long-term economic growth. This move aims to support critical sectors and rebuild key institutions.

Syria's economy has been severely impacted by over a decade of civil war, with its GDP contracting by 84% between 2010 and 2023. Inflation has soared, and over 90% of Syrians live below the poverty line. International sanctions have further isolated Syria from global financial systems, compounding its economic collapse. The country's ties with the World Bank had frayed since the mid-1990s.

During the Washington meetings, Saudi Arabia and Qatar called on international financial institutions to resume and expand their development activities in Syria. They emphasized the need for a collective effort to help the Syrian people achieve stability, dignity, and shared regional prosperity. This renewed engagement is seen as a step towards rebuilding and supporting Syria's devastated economy.

Source: https://www.arabnews.com/node/2598649/business-economy