International financial leaders will discuss ways to restore aid to Syria during next week’s IMF and World Bank meetings.
Efforts to restore international financial support for Syria will be on the agenda at next week’s spring meetings of the World Bank and International Monetary Fund (IMF), though ongoing sanctions remain a major hurdle, a U.N. official said.
A roundtable focused on Syria, hosted by the Saudi government and the World Bank, is expected to take place on the sidelines of the annual financial gatherings in Washington.
As part of the initiative, Saudi Arabia plans to pay off approximately $15 million in Syria’s arrears to the World Bank, a move that could unlock millions in potential reconstruction grants and economic aid through the Bank’s International Development Association, which supports low-income countries.
Since the ousting of former Syrian President Bashar al-Assad last year following nearly 14 years of civil war, Syria’s new leadership has urged the international community to lift sanctions imposed during Assad’s rule.
However, most sanctions remain in place, with the U.S. and other Western nations insisting the new government must first demonstrate a commitment to inclusive and peaceful governance.
Syria also holds $563 million in Special Drawing Rights at the IMF, but accessing those funds requires approval from member countries holding 85% of the total vote share — giving the U.S., with 16.5%, the power to block any disbursement.
Syria’s finance minister, central bank governor, and foreign minister are all expected to attend the meetings next week.
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