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Saudi Arabia and Qatar have announced a three-month financial support initiative for Syrian state employees, following a visit by Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud to Damascus. This support aims to bolster Syria's economic recovery and comes after both countries previously contributed to settling Syria's $15 million arrears to the World Bank. The visit also included discussions on cooperation in energy, agriculture, and infrastructure, coinciding with the recent lifting of economic sanctions on Syria by the US and the EU.
The recent lifting of Western sanctions on Syria has sparked cautious optimism among Syrians, signaling potential economic recovery and improved living conditions. Professionals like graphic designers, who have faced immense challenges under sanctions, now envision a future with better access to technology and financial systems. However, significant hurdles remain, including a crippled banking system and the need for comprehensive reforms to fully realize these opportunities.
Saudi Foreign Minister Prince Faisal bin Farhan and Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani co-chaired a meeting of the Saudi-Qatari Coordination Council in Doha, focusing on enhancing cooperation in energy, sports, tourism, and investment. Both sides praised ongoing initiatives and emphasized the importance of their collaboration in political, security, and military areas, highlighting their growing roles as international hubs for sports and culture, which bolster their economies and global standing.
Lebanon faces a critical juncture as its new government, led by Prime Minister Nawaf Salam, pledges to "rescue, reform, and rebuild" amid a severe economic crisis marked by an $80 billion banking sector deficit and a 90% currency devaluation since 2019. Experts emphasize the need for transparency, independent audits, and legislative reforms to restore trust and attract international aid, while addressing the influence of Hezbollah as a significant barrier to progress. The Depositors’ Union insists on accountability for financial elites and prioritizing depositors' rights in any recovery plan.
Faisal bin Farhan Al-Saud
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