BAGHDAD,— An economic expert cautioned Tuesday that the Iraqi government’s move to give state-owned property to the Central Bank as debt repayment could put future generations at a disadvantage.
Ziad Al-Hashimi, an economic expert, said in a statement that the government has failed to repay money it owes the Central Bank, Baghdad Today reported.
As a result, officials are now moving toward handing over public land and buildings to the bank instead of cash. The Central Bank would then sell these properties to collect what it is owed.
Al-Hashimi said this approach only delays the real problem instead of fixing it. He explained that using permanent public property to pay off debt and cover daily government costs does not deal with the root causes of the financial shortfall, which include heavy spending and low income from sources other than oil.
He warned that this method could turn into a regular practice, slowly draining the country’s public land and property. Over time, he said, this would limit the ability of future governments to use these assets for growth and development projects.
The expert also raised concerns that the properties might be sold for less than their real value. He said the deals could lack transparency and might be shaped by political influence, including the way jobs and resources are divided among political and sectarian groups.
Because of this, he said the debt crisis could become a chance for some to gain control over state property.
Al-Hashimi urged the Central Bank and the government to consider other, more flexible options.
These include stretching out the repayment timeline and searching for new sources of funding rather than depending on public real estate and government-owned assets to cover the debt.
(With files from Baghdad Today)
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