Azernews.Az

By Alimat Aliyeva

Saudi Arabia and Qatar have announced that they will repay Syria’s $15 million debt to the World Bank, Azernews reports.

"The finance ministries of Saudi Arabia and Qatar have confirmed that they will pay off Syria's debts to the World Bank, which total approximately $15 million," according to a joint statement.

This move will enable the World Bank to resume its support for Syria. The statement highlighted that the debt repayment is a significant step toward stabilizing the country’s economic situation and fostering its reintegration into the global financial system.

In mid-April, a World Bank delegation met with Syrian officials in Damascus to discuss future cooperation and plans to support Syria’s economy. This included strategies to mitigate the effects of international sanctions on the country’s economy. Following this, a delegation led by Syrian Finance Minister Mohammed Yasser Barniya and Central Bank Governor Abdelkader al-Hasria participated in a meeting of the International Monetary Fund (IMF) and World Bank to discuss Syria's potential return to the international financial community.

However, it is worth noting that the political and security situation in Syria remains fragile. At the end of November 2024, large-scale opposition offensives against Syrian government positions culminated in opposition forces entering Damascus on December 8. In the wake of these events, President Bashar al-Assad resigned and left the country. On January 29, 2025, Ahmed al-Sharaa, head of the new Syrian administration, was declared President during the transitional period.

This complex situation underscores the challenges Syria faces, both politically and economically, as it seeks to recover from years of conflict and isolation.

The announcement from Saudi Arabia and Qatar marks a rare instance of financial cooperation between Gulf nations and Syria, which has been politically isolated due to its ongoing civil conflict. The move may signal a shift in regional dynamics, with potential implications for Syria’s future relations with the broader international community. As the country looks to rebuild, securing international financial aid will be crucial to its recovery, particularly as it works to address the impact of long-standing sanctions.