Economists: Assad Regime Mortgaging State Assets to Foreign Powers

Economists said that the Assad regime’s economy continues to deteriorate as a result of the ongoing war on the Syrian people, the decline in exports, the cessation of industrial activity and tourism revenues. The Assad regime may resort to illegal means to obtain funds to cover the deficit in its budget, including the offering of the state’s assets for investment or sale. Dr. Imad Eddin Musabbah, assistant professor in the Faculty of Economics and Management at the University of Qassim, said that the Syrian economy is witnessing a state of unprecedented deterioration, bringing Syria to state close to be classified as a failed state, caused by the Assad’s regime dedication of all available resources to its war effort against the Syrian people. The Assad regime has depleted all the resources of the state, making it running into huge debt. This policy will no doubt make the present and future of Syria determined by the debtors, most notably Iran and Russia. The selling of state assets will undermine it as a sovereign state, and also will have drastic economic consequences as the debtors will interfere in the management of the economy in line with the terms of the debt. The selling of state assets is not a precedent in modern economic history. During the eighties of the twentieth century some Latin American countries resorted to this option as a result of the international debt crisis, while recently Greece was about to sell or mortgage the presidential palace to secure the non-performing loans.” (Source: Syrian Coalition)