Economic expert Dr. Safwan Qusay has stressed the need for Iraq to establish a specialized debt-purchasing company as part of broader efforts to address the country’s financial challenges and improve debt management.
Qusay explained that Iraq currently lacks a company dedicated to buying debts at discounted rates, a practice commonly used in many countries around the world. Such firms can purchase government and private-sector debts, helping to manage liabilities more efficiently and improve financial stability.
He noted that while obtaining loans is generally not difficult for government institutions and ministries, the bigger challenge lies in creating a clear and effective mechanism for repayment. According to Qusay, Iraq needs a well-defined strategy for settling both domestic and foreign debts to avoid increasing financial pressures in the future.
He added that addressing the country’s financial crisis requires more than borrowing. Iraq must also strengthen revenue collection by ensuring that companies operating in the country pay their taxes and settle any outstanding obligations owed to the government.
Qusay further highlighted the importance of making better use of the credit facilities and financing programs available through the Central Bank of Iraq. He believes that combining stronger debt management, improved tax collection and effective use of financial resources would help ease the country’s financial burdens and support long-term economic stability.
