Saudi Arabia and Qatar have pledged to repay Syria’s outstanding debt to the World Bank, marking a major financial step towards reintegrating the war-torn nation into the global economy.
The joint commitment, worth around $15m, was announced during the spring meetings of the World Bank and International Monetary Fund (IMF) in Washington. It represents the first financial assistance Syria has received from Saudi Arabia since the fall of Bashar al-Assad’s regime last year.
Restoring Syria’s battered economy
“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 two Gulf states said in a joint statement.
Syria’s economy has been shattered by more than a decade of civil war and sweeping sanctions. The debt repayment is expected to unlock funding for postwar reconstruction efforts and help pay public-sector salaries. The new Syrian government, led by former rebel leaders from Hayat Tahrir al-Sham, faces the enormous task of rebuilding the country’s shattered institutions.
Humanitarian crisis
Saudi Arabia, along with its Gulf neighbours, has increased humanitarian support for Syria in recent months. However, this move marks the first direct financial injection aimed at supporting Syria’s broader recovery, as Riyadh seeks to expand its regional influence.
Speaking in Washington, Saudi finance minister Mohammed al-Jadaan stressed caution, noting that sanctions and political sensitivities remain significant obstacles. “They need to know that the international community will stand by them,” he said, calling for wider support for struggling nations across the region.
Credible economic data needed
Syria’s central bank governor and finance minister also attended the meetings, their first US visit in over two decades. World Bank and IMF officials urged Syria to provide credible economic data and rebuild confidence in its financial institutions as a precondition for deeper engagement.
