IMF, World Bank welcome efforts for Syria to reintegrate globally

The International Monetary Fund and World Bank's leaders said in a joint statement that they welcome efforts towards helping Syria "reintegrate with the international community."

The statement, issued with Saudi Arabia's finance minister, came as Syria's central bank governor and finance minister attended the IMF and World Bank's spring meetings this week for the first time in more than 20 years.

"Our intention is to, first and foremost, help them rebuild institutions so they can plug themselves in the world economy," said IMF Managing Director Kristalina Georgieva earlier Thursday.

Significant amounts of Syria's infrastructure have been destroyed by 14 years of war, beginning with a crackdown by president Bashar al-Assad on a pro-democracy movement.

Assad was ousted in an offensive in December, and Syria's new government has sought to rebuild the country's international ties.

In Washington this week, IMF and World Bank officials met with Syrian authorities, finance ministers and other key stakeholders.

"There was broad recognition of the urgent challenges facing the Syrian economy and a collective commitment to support the authorities' efforts for recovery and development," said the joint statement by the IMF and World Bank's leaders, alongside Saudi Finance Minister Mohammed Aljadaan.

The statement added that priority will be given to efforts to meet the Syrian people's critical needs, institutional rebuilding and the development of a national economic recovery strategy.

The high-level roundtable for Syria this week also provided a platform for authorities to present their efforts to stabilize and rebuild their country and achieve long-term economic development.