RIYADH, Saudi Arabia / ISTANBUL

Saudi Arabia and Qatar said Sunday that they will pay off Syria’s debt to the World Bank totaling $15 million.

In a joint statement, the two countries said that clearing Syria’s outstanding arrears to the World Bank will help accelerate the war-torn country’s recovery.

“It will also unlock Syria’s access to financial support in the near term for the development of critical sectors, as well as technical assistance that will contribute to institutional rebuilding, capacity development, and policy formulation and reform to drive development,” the statement said.

The two countries called on international and regional financial institutions to “quickly resume and expand their development work in Syria, combine their efforts, and support everything that would achieve the aspirations of the brotherly Syrian people for a promising future.”

Syria expresses gratitude

“Damascus extends deep thanks and appreciation to both Qatar and the Kingdom of Saudi Arabia for their generous brotherly initiative to announce the settlement of Syria’s financial arrears to the World Bank, which amounted to $15 million,” the Syrian Foreign Ministry said in a statement.

The ministry said the move “reflects the shared commitment to support the Syrian people and alleviate their economic burdens, and opens the door to further enhancing cooperation with international institutions to support recovery and reconstruction efforts.”

It said, “Joint Arab cooperation is the best way to address the current challenges.”

Syria, the ministry said, “looks forward to strengthening relations with its brothers in Qatar and Saudi Arabia and moving forward with effective partnerships that serve the interests of the people and promote stability in the region."

Syria’s central bank governor and finance minister attended the IMF and World Bank Spring meetings earlier this week for the first time in more than 20 years.

IMF director Kristalina Georgieva said the global lender intends to assist Syria in rebuilding its institutions and reintegrating it into the global economy.

Bashar al-Assad, who ruled Syria for nearly 25 years, fled to Russia in December, ending the Baath Party’s decades-long rule that began in 1963.

A transitional administration was formed in late January, dissolving the constitution, security services, armed factions, parliament, and the Baath Party.