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A report issued a new classification of the economy of Iraq and lists the challenges
2019/10/17 10:33:15
Moody's credit ratings agency said on Thursday that weak institutions and slow reforms constrain Iraq's credit rating at (Caa1) with a stable outlook, according to a report issued today.
What does Caa1 mean?
Means that the country or institution has a very high credit risk to repay the debt.
Means that the country or institution has a very high credit risk to repay the debt.
The agency said that these factors in addition to the challenges of governance reduce the government's ability to deal with internal and external economic shocks and reduce the competitiveness of the Iraqi economy.
The agency warned that the decline in oil prices will lead to a budget deficit this year, and that the pace of structural reforms will remain slow as major domestic and foreign political challenges continue.
The agency warned that the decline in oil prices will lead to a budget deficit this year, and that the pace of structural reforms will remain slow as major domestic and foreign political challenges continue.
What is the budget deficit?
When expenditures are greater than resources in a given economy. It is measured in relation to GDP - the sum of goods and services - to measure a country's ability to meet its obligations without problems.
When expenditures are greater than resources in a given economy. It is measured in relation to GDP - the sum of goods and services - to measure a country's ability to meet its obligations without problems.
The agency's
deputy co-author, Alexander Bergese, said in a statement that Iraq "has made slow progress on the agenda of structural reforms, which include improving laws and legislation and developing institutions to improve public financial management."
“Attempts to diversify the economy remain a challenge,” he said.
The Iraqi economy depends mainly on oil, where Iraq's oil exports constitute about 95 percent of the revenues of the state budget, and therefore Iraq is greatly affected by fluctuations in world oil prices.
In addition to fluctuating oil prices, Iraq faces an internal challenge of political conflicts, the fragile security situation in some areas and the enormous task of rebuilding cities devastated by fighting with the Islamic State for three and a half years.
Protests broke out in some central and southern cities earlier this month against corruption, unemployment and political elites. The demonstrations saw clashes with security forces that killed dozens and forced the government to impose a total curfew and cut off the Internet for several days.
deputy co-author, Alexander Bergese, said in a statement that Iraq "has made slow progress on the agenda of structural reforms, which include improving laws and legislation and developing institutions to improve public financial management."
“Attempts to diversify the economy remain a challenge,” he said.
The Iraqi economy depends mainly on oil, where Iraq's oil exports constitute about 95 percent of the revenues of the state budget, and therefore Iraq is greatly affected by fluctuations in world oil prices.
In addition to fluctuating oil prices, Iraq faces an internal challenge of political conflicts, the fragile security situation in some areas and the enormous task of rebuilding cities devastated by fighting with the Islamic State for three and a half years.
Protests broke out in some central and southern cities earlier this month against corruption, unemployment and political elites. The demonstrations saw clashes with security forces that killed dozens and forced the government to impose a total curfew and cut off the Internet for several days.
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