World Bank says Saudi Arabia and Qatar have paid off Syria's outstanding debt
The World Bank said Friday that the $15.5 million Syria owed it has been paid off by Saudi Arabia and Qatar, clearing Damascus to take out new loans.
Saudi Arabia and Qatar had announced plans last month to clear Syria's outstanding debts, a move that Syria hailed as paving the way for recovery and reconstruction after a 14-year conflict that killed half a million people and caused wide destruction in the country.
The debt was owed to the World Bank's International Development Association, a fund that provides zero- or low-interest loans and grants to the world's poorest countries.
'We are pleased that the clearance of Syria's arrears will allow the World Bank Group to reengage with the country and address the development needs of the Syrian people,' the World Bank said in a statement.
In added that 'the first project in our reengagement with Syria is centered on access to electricity.'
Months after a lightning insurgency unseated former Syrian President Bashar Assad and ended the civil war that decimated much of the country's infrastructure, severe electricity shortages continue to plague the country.
The United Nations estimates that 90% of Syrians live in poverty and state-supplied electricity comes as little as two hours every day. Millions of Syrians cannot afford to pay hefty fees for private generator services or install solar panels to supplement the meagre supply.
In March, Qatar began supplying Syria with natural gas through Jordan to ease the long hours of electricity cuts.
However, Western sanctions imposed on the country during the Assad dynasty's rule have posed an obstacle to development and reconstruction projects.
Earlier this week, during a regional tour during which he met with Syrian President Ahmad al-Sharaa in Saudi Arabia, U.S. President Donald Trump said he would move to lift the sanctions, clearing the way for investments in Syria.
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Their current strategy is to erode everything around Taiwan, the diplomatic environment, the economic environment and the military environment, in a way in which the international community just becomes inured and everybody will accept that's the way things are. That's a very dangerous place to be. The coercion and force piece relates to the fact that China continues to repeat that they are not taking force off the table. We have to take them at their word. Q: Japan plans to raise its defense spending to 2 percent of its gross domestic product by fiscal 2027, but concerns remain about an escalating arms race. Can't we restrain China's high-handed behavior without increasing our defense outlays? A: I do not think that we can reverse the erosion of our conventional deterrent without increasing our defense budgets. It's not a decision that we take lightly, but we're going to have to invest to restore our deterrent. China has deployed many warships and numbers do matter. The great capacity that China has here is a concern. The United States can work much more closely with Japan, South Korea, Australia and the Philippines, all of which have incredible shipbuilding capability and complementary capability. Japanese and Americans have worked closely on advanced programs, such as the Aegis system, the F-35 and the SM-3. Deepening our relationship in defenses and industries, especially shipbuilding, would help all of our needs. (This article is based on an interview by Atsushi Okudera, a senior staff writer.) * * * Retired Adm. Philip Davidson commanded U.S. Indo-Pacific Command, America's oldest and largest military combatant command with about 380,000 members, between 2018 and 2021. He previously commanded U.S. Fleet Forces Command and the U.S. 6th Fleet. Davidson currently serves as an advisory committee member for Sasakawa Peace Foundation USA.
