Syria Can Now Get Budget Help After Paying Off Over $15 Million Debt: World Bank
The World Bank has canceled Syria’s \$15.5 million unpaid debt after getting money from Saudi Arabia and Qatar. This means Syria can now receive new grants and loans again to help with rebuilding and supporting its budget, according to a statement released on Friday.
Syria’s money situation
-
In April, Saudi Arabia and Qatar said they would pay off Syria’s unpaid debts to big global lenders. Clearing these debts lets new money and aid flow into Syria after more than 14 years of pause.
-
By Monday, Syria had fully paid back what it owed the International Development Association (IDA), the part of the World Bank that gives very cheap loans and grants to poor countries.
-
The World Bank said Syria is finally moving toward rebuilding. It will work with other countries and businesses to raise more money for projects that make life better for Syrians and bring stability to the region.
-
The Bank’s first new project in Syria will be to improve the power supply. Better electricity should help the economy recover and keep key services running.
Lifting of sanctions
-
Earlier this week, U.S. President Donald Trump said he will remove all U.S. sanctions on Syria, easing pressure on the country’s interim government after 13 years of war. The United States is expected to start loosening these limits in the next few weeks.
-
To use the SWIFT global banking network again, Syria still must restore its tech links—a process that could take months or even years, according to Reuters.
Talks with the IMF and World Bank
-
In April, the International Monetary Fund (IMF), the World Bank, and Saudi Arabia met Syrian officials in Washington. They recognized Syria’s severe economic problems and promised to help.
-
The IMF also named Ron van Rooden as its first chief for missions to Syria—its first such appointment in 14 years.
-
Syria has not done any money deals with the IMF for about 40 years, and the Fund’s last visit to the country was in late 2009.
Political change
-
Former President Bashar al‑Assad was pushed out in a quick rebel advance last December. An Islamist‑led government now controls the country.
Published: 19th May 2025
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
Saudi PIF boosts Amazon shares over 50% in Q1
TAQA Q1 Profit Down 1.5% to \$572M on Oil, Output Drop
UAE and Jordan Activate Trade Pact on Thursday
