The World Bank announces a debt settlement for Syria

The World Bank announced today that it has settled Syria’s debt of $15.5 million, making the country eligible for new programs and millions of dollars in grants for reconstruction.

Reuters quoted the bank as saying that payments from Saudi Arabia and Qatar were used to pay off Syria’s arrears, allowing the country to qualify for new initiatives and receive reconstruction and budget support grants.
As of May 12, the World Bank confirmed that Syria has no outstanding balances with the International Development Association, the bank’s fund dedicated to assisting the poorest countries. On April 27, Saudi Arabia and Qatar declared their commitment to covering Syria’s arrears to this international financial institution.
In a statement by the foreign ministry, Syria expressed its gratitude and deep appreciation to both countries for their generous initiative, emphasizing that this step reflects a shared commitment to support the Syrian people and alleviate the economic burdens they face.
Amal Farhat