Both Saudi Arabia and Qatar have played a prominent role in diplomatic outreach to Syria's new interim government, which assumed power after the ouster of long-time President Bashar al-Assad in December.
"The ministries of finance in the kingdom of Saudi Arabia and the state of Qatar jointly announce their commitment to settle Syria’s outstanding arrears to the World Bank Group, totalling around $15 million," the official statement conveyed.
This commitment comes on the heels of a notable development: the attendance of Syria's central bank governor and finance minister at the International Monetary Fund and World Bank spring meetings – their first participation in over two decades.
The World Bank had suspended its operations in Syria following the eruption of the civil war in 2011, which began with a brutal crackdown on pro-democracy protests during the Arab Spring. The settlement of Syria's arrears will now pave the way for the resumption of the World Bank's crucial financial support and technical advisory services to the country.
"This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than 14 years," the statement emphasized. "It will also unlock Syria’s access to financial support in the near term for the development of critical sectors."
The ouster of Bashar al-Assad in December, following a swift offensive by opposition fighters led by the Hay’et Tahrir al-Sham armed group, has ushered in a new era for Syria. The interim government, led by interim President Ahmed al-Sharaa, has actively sought to rebuild the nation's fractured diplomatic ties, including re-engaging with international financial institutions. The government is also relying on the financial support of wealthy Gulf Arab states to play a vital role in financing the extensive reconstruction of Syria's war-ravaged infrastructure and revitalizing its shattered economy.
Furthermore, President al-Sharaa's administration has expressed a commitment to transitioning away from the deeply entrenched corrupt system that had previously granted al-Assad loyalists privileged access to lucrative government contracts and maintained key industries under the control of the al-Assad family.
Earlier this month, a United Nations official had advocated that Syrian authorities should initiate the process of economic recovery without waiting for the lifting of Western sanctions that were imposed under al-Assad's rule. The joint commitment from Saudi Arabia and Qatar to clear Syria's World Bank debt represents a significant step in this direction, potentially unlocking much-needed international financial assistance and signaling a renewed hope for Syria's economic future.