DAVOS: Qatar considers it a duty to support Syria and its new administration after 14 years of devastating civil war, Qatari Finance Minister Ali Ahmed Al-Kuwari said on Wednesday.

The cost of reconstructing Syria is estimated at $400 billion, as the country needs to rebuild the housing, industrial and energy infrastructure damaged during the conflict.

Since 2011, Qatar supported Syrian opposition factions that captured the seat of power in Damascus in early December 2024.

Doha also avoided reestablishing diplomatic relations during the twilight months of the Assad regime, which rejoined the Arab League in 2023.

Al-Kuwari, who visited Syria last week, said: 鈥淭he whole world is supposed to help Syria (right now). The words and promises from the leadership there are promising and very positive.鈥�

He added that the new leadership, led by rebel-turned-statesman Ahmed Al-Sharaa, recognizes that the task ahead is transitioning from insurgency to building Syrian institutions.

鈥淭his task will need the help of the world. We can鈥檛 afford Syria going back to the (years) of bloodshed again,鈥� Al-Kuwari said.

鈥淲e鈥檒l invest in education (to help the Syrians) because educated people will work hard, they鈥檒l make money, they鈥檒l prosper and grow.鈥�

The Qatari minister made these comments during the 鈥淣avigating the Fiscal Squeeze鈥� panel at the World Economic Forum in Davos, which discussed challenges for financial growth, global debt and rising inflation.

The panel included speakers from the International Monetary Fund, the UCLA School of Law, the London Stock Exchange Group, and Zimbabwe鈥檚 Finance Minister Mthuli Ncube.

Qatar has one of the highest per capita incomes in the world, making it one of the wealthiest nations due to its abundant natural gas and oil reserves.

However, the country dealt with several challenges following the COVID-19 pandemic, leading to an inflation rate of 5 percent in 2022.

Doha was not alone in facing these difficulties; the pandemic contributed to a nearly 4.4 percent contraction of the global economy in 2020. 

Al-Kuwari said Qatar is pursuing a policy of fiscal discipline, which has allowed the country to maintain a budget surplus and low debt levels, as well as effectively manage any economic challenges it encounters.

鈥淲e鈥檝e developed a medium-term fiscal policy framework for the upcoming 20 years, with different scenarios of revenues based on oil prices, taxation and spending scenarios ... (Based on that) we decide to invest or save,鈥� he said, adding that the fiscal deficit and rising borrowing affecting many countries are 鈥減roblems that few want to discuss,鈥� which poses the threat of a financial crisis.

An IMF report projected that global debt 鈥� including government, business and personal borrowing 鈥� will exceed $100 trillion, about 93 percent of global gross domestic product, by the end of 2024. It is expected to reach 100 percent of GDP by 2030.

鈥淭here will be a huge impact if we don鈥檛 do anything about it today,鈥� Al-Kuwari warned. 鈥淪o many people focus on economic growth and creating quick wins for their economy while the fiscal issues get forgotten.

鈥淭he fiscal balance should complement the economic growth, and we shouldn鈥檛 have growth at the expense of the fiscal.鈥�