Fri May 16 20:23:30 UTC 2025: **News Article:**
**World Bank and IMF to Resume Operations in Syria After Debt Settlement**
**Washington D.C.** – After a 14-year hiatus, the World Bank and the International Monetary Fund (IMF) are set to resume operations in Syria following the settlement of over $15 million in debt. The significant development was made possible by financial backing from Saudi Arabia and Qatar, clearing Syria’s outstanding obligations to the World Bank’s International Development Association (IDA).
The World Bank announced Friday that Syria no longer has outstanding debts, paving the way for renewed engagement. “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 bank stated. “After years of conflict, Syria is on a path to recovery and development.”
The bank is already preparing its first project, focused on improving electricity access, deemed crucial for revitalizing essential services such as healthcare, education, and water supply.
This move coincides with a notable shift in US policy. President Donald Trump announced the lifting of sanctions imposed on Syria, including measures under the Caesar Syria Civilian Protection Act. Trump also met with Syrian President Ahmed al-Sharaa on the sidelines of the GCC summit in Riyadh, marking a historic breakthrough in relations and the first meeting between the two nations’ leaders in 25 years.
Secretary of State Marco Rubio confirmed that waivers would be issued, easing restrictions on entities previously penalized for dealings with the now former administration of Bashar al-Assad, which was toppled in December.
Experts believe the reintegration into the global financial system is a significant moment for Syria. “Lifting sanctions on Syria represents a fundamental turning point,” said economist Ibrahim Nafi Qushji. “The Syrian economy will transition from interacting with developing economies to integrating with more developed ones, potentially significantly reshaping trade and investment relations.”
The IMF has appointed Ron van Rooden as its first mission chief to Syria in over a decade, signaling its renewed commitment.
The Syrian government, under interim President al-Sharaa, is seeking to rebuild diplomatic ties and transition away from the system that favored al-Assad loyalists. The government also counts on wealthy Gulf Arab states to play a pivotal role in financing the reconstruction of Syria’s war-ravaged infrastructure and reviving its economy.
First Piper 