This financial support may revitalize international ties for Syria’s rebuilding post-civil war.
Saudi Arabia and Qatar Step Up for Syrian Recovery
Saudi Arabia and Qatar Step Up for Syrian Recovery
The two nations are set to settle Syria’s $15 million World Bank debt, aiding war recovery efforts.
The countries of Saudi Arabia and Qatar have taken a significant step in aiding the Syrian economy by agreeing to pay off Syria’s $15 million debt to the World Bank. This move could potentially facilitate access to millions of dollars in aid and support, crucial for the newly established government in Damascus, which is facing the daunting task of rebuilding after years of civil unrest.
In a collaborative statement, both nations expressed that this joint payment would set the stage for the World Bank to resume vital assistance to Syria, which has been on hold since the civil war erupted over 14 years ago. The foreign ministry in Damascus relayed its “deep gratitude” for this financial aid, indicating it would foster renewed cooperation with international institutions aimed at rebuilding and recovering from the devastating impacts of the conflict.
The aftermath of the civil war has left Syria in a dire economic state, with destruction widespread across industries and infrastructure. With over 90% of the population living in poverty and a staggering unemployment rate of one in four, as reported by the United Nations, the task ahead remains immense. The local currency has also seen a dramatic decline — from an exchange rate of 50 Syrian pounds to the U.S. dollar before the war to approximately 15,000 following the regime change.
Despite initial optimism regarding the lifting of Western sanctions against Syria, which were originally imposed as punitive measures against the former Assad regime, progress remains sluggish. While some nations, including members of the EU and the UK, have slightly eased restrictions, broader measures by the United States are still in place, presenting ongoing challenges to the recovery process. In the face of these obstacles, efforts like the one from Saudi Arabia and Qatar may be crucial in fostering stability and reconstruction in war-torn Syria.
In a collaborative statement, both nations expressed that this joint payment would set the stage for the World Bank to resume vital assistance to Syria, which has been on hold since the civil war erupted over 14 years ago. The foreign ministry in Damascus relayed its “deep gratitude” for this financial aid, indicating it would foster renewed cooperation with international institutions aimed at rebuilding and recovering from the devastating impacts of the conflict.
The aftermath of the civil war has left Syria in a dire economic state, with destruction widespread across industries and infrastructure. With over 90% of the population living in poverty and a staggering unemployment rate of one in four, as reported by the United Nations, the task ahead remains immense. The local currency has also seen a dramatic decline — from an exchange rate of 50 Syrian pounds to the U.S. dollar before the war to approximately 15,000 following the regime change.
Despite initial optimism regarding the lifting of Western sanctions against Syria, which were originally imposed as punitive measures against the former Assad regime, progress remains sluggish. While some nations, including members of the EU and the UK, have slightly eased restrictions, broader measures by the United States are still in place, presenting ongoing challenges to the recovery process. In the face of these obstacles, efforts like the one from Saudi Arabia and Qatar may be crucial in fostering stability and reconstruction in war-torn Syria.
