Saudi Arabia and Qatar announced on Sunday they have jointly paid Syria’s outstanding debt to the World Bank, a move poised to revive international financial support to the war-torn nation after more than 14 years of isolation.

In a joint statement, the finance ministries of both countries revealed they agreed during this month’s World Bank and International Monetary Fund (IMF) meetings in Washington to settle Syria’s nearly $15 million (€13.2 million) debt. The payment, they said, would facilitate the resumption of World Bank activities and open the door to future financing for “vital sectors” in Syria.

Syria’s Foreign Ministry welcomed the move, thanking Saudi Arabia and Qatar for their assistance. Officials said the debt payment marked a crucial step toward rebuilding the country following a devastating conflict that began in 2011, leaving over 500,000 people dead and causing widespread destruction.

Following the fall of Bashar al-Assad’s government in December — after insurgent groups led by Hayat Tahrir al-Sham (HTS) seized Damascus — Saudi Arabia and Qatar have emerged as key supporters of Syria’s new leadership under President Ahmad al-Sharaa. Despite HTS’s designation as a terrorist organization by the United States, regional powers appear determined to stabilize Syria’s future.

The United Nations previously estimated Syria’s reconstruction could cost at least $250 billion (€220.4 billion), though experts now believe the figure could reach $400 billion (€352.6 billion).

The Saudi-Qatari statement did not specify which sectors would benefit from new World Bank funding or when disbursements might begin. However, efforts to address Syria’s battered infrastructure are already underway. Last month, Qatar began supplying natural gas through Jordan to ease electricity shortages affecting much of the country.

Despite these developments, significant hurdles remain. Western sanctions, primarily targeting Assad-era officials, continue to complicate large-scale development projects. While the Biden administration has not formally recognized the new Syrian government, it has eased some restrictions, issuing a temporary license in January allowing certain transactions with Damascus, including limited energy sales.

Similarly, the European Union has relaxed sanctions on Syria’s energy and transport sectors, and the UK announced last week it would lift measures against a dozen Syrian entities, signaling a cautious shift in international policy.

The settlement of Syria’s World Bank debt marks a notable step in its long path toward reconstruction and reengagement with global financial institutions, though political and diplomatic challenges persist.

Credit spreads across Europe have widened in recent weeks, but analysts say they remain only at their five-year historical average levels — far from the extremes seen during the COVID-19 pandemic or following Russia’s invasion of Ukraine in early 2022.

Despite a period of notable volatility not seen in some time, European markets are holding up well, according to financial analyst Gordon Kerr. Since the beginning of the year, European stock markets have outperformed U.S. equities, with investors attracted by their relative value compared to the more highly priced U.S. market.

Government spending on defence and infrastructure is expected to bolster growth further across the continent. Although surveys suggest European consumers have some concerns about economic confidence, actual behavior has demonstrated resilience. High household savings rates and stable employment levels have provided a buffer against inflation and elevated interest rates.

Another potential boost for European growth could come from the European Commission’s planned Savings and Investment Union, which aims to better channel household savings into supporting the expansion of European businesses. In addition, calls continue for the Commission to accelerate internal reforms to reduce barriers to trade and simplify regulation across the bloc.

Meanwhile, global market volatility has been exacerbated by U.S. efforts to reshape the international trading environment, including proposed tariffs that unsettled financial markets. Although a temporary pause has been announced, allowing time for negotiation and adjustment, the threat still lingers. Analysts warn that sectors such as automotive and pharmaceuticals — key European exporters to the U.S. — could face headwinds if tariffs are implemented.

Credit markets are showing signs of cautious concern. While spreads have widened, they are far from crisis levels. Strong corporate balance sheets, healthier bank positions, and relatively low default rates are helping to stabilize the situation. According to KBRA DLD’s European Index, the private credit default rate is expected to remain low at around 1.25% in 2025.

Still, much depends on how governments and companies respond to emerging challenges. “There are many unanswered questions that could still impact firms differently,” Kerr said, noting that investors must carefully filter through the current noise to focus on fundamentals.

As uncertainty persists, market watchers are keeping a close eye on developments, waiting to assess the full impact of trade tensions and evolving economic policies.

Pre-orders for the Nintendo Switch 2 opened in the United States early Thursday and sold out within minutes across major retailers, highlighting massive consumer interest ahead of the console’s official launch on June 5. However, market experts warn that rising geopolitical tensions and new U.S. tariffs on Chinese imports could soon push prices even higher for electronics like gaming consoles.

Retailers including Best Buy, Target, Walmart, and GameStop experienced a surge of traffic overnight, with many customers reporting technical glitches, long wait times, and canceled orders. Listings for the new console — priced at $449.99 (€396.6) — appeared as “out of stock” or “unavailable” within minutes of going live.

GameStop, which offered both online and in-store pre-orders, confirmed overwhelming demand had temporarily disrupted its website. “We’re seeing overwhelming demand for Switch 2, which is causing some site issues,” the company posted on X, formerly known as Twitter. The retailer added it would work to remove duplicate or bot orders to reopen availability, though online inventory was already depleted by Thursday afternoon.

Nintendo acknowledged the “very high demand” and said it is working to fulfill orders through its My Nintendo Store, but warned that delivery by the June 5 launch date is not guaranteed. “The excitement around this online pre-order was incredible,” Walmart said in a statement, confirming that its stock had also sold out quickly.

Pre-orders were initially scheduled for April 9 but were delayed amid growing concerns over new U.S. tariffs. Nintendo cited the need to “assess the potential impact of tariffs and evolving market conditions” before proceeding.

The timing of the Switch 2’s release comes as the electronics industry faces potential price volatility due to trade tensions. President Donald Trump’s decision to implement new tariffs on Chinese goods, combined with retaliatory measures from China, has raised fears of price hikes on a broad range of consumer electronics. Economists warn that gaming consoles could be among the products most affected, given their reliance on international supply chains.

While the new features of the Switch 2 — including a larger screen, interactive chat, and new game titles — justify part of the price increase from the original Switch’s $299 (€263.5), analysts believe tariffs have also contributed to the higher cost.

Nintendo is counting on the Switch 2 to revitalize hardware sales as demand for the original console slows. In February, the company reduced its full-year sales forecast for the Switch to 11 million units, down from an earlier projection of 12.5 million.

With pre-orders now closed, customers will have another opportunity to purchase the Switch 2 on June 5, when it officially hits stores.