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[size=36]Global assessment: Iraq is weak in commitment to commitments to the International Monetary Fund[/size]
Economie| 06:34 - 07/08/2021
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Baghdad - Mawazine News
Moody's Investors Service maintained, on Thursday, its stable view of Iraq, as the Iraqi government continues discussions with the International Monetary Fund to obtain financial support.
While ongoing discussions with the IMF suggest the possibility of a subsidized adjustment program that would serve as a mainstay for policy and provide financial support, the country's poor track record with respect to its past commitments to the IMF limits the potential rise in credit, the agency said.
She added, the government's plans to double oil production capacity in the medium term will support economic growth and strengthen Iraq's financial and external situation.
However, Iraq's plans could be constrained by the uncertain outlook for global oil demand and ongoing challenges to Iraq's governance and political stability that discourage investment in the oil and gas sector.
Moody's also said that Iraq's turbulent political landscape and heightened political stability risks will continue to thwart progress on institutional and economic reforms.
In addition, higher oil prices and significantly lower government financing needs since the end of 2020 have reduced the momentum to advance reforms, it added.
Moody's expects a sharp upward reversal in financial and external sector metrics in 2021 with higher oil prices but progress in economic diversification remains slow and hampered by the weak business environment and investment climate in Iraq. Ended 29/ 77
Moody's Investors Service maintained, on Thursday, its stable view of Iraq, as the Iraqi government continues discussions with the International Monetary Fund to obtain financial support.
While ongoing discussions with the IMF suggest the possibility of a subsidized adjustment program that would serve as a mainstay for policy and provide financial support, the country's poor track record with respect to its past commitments to the IMF limits the potential rise in credit, the agency said.
She added, the government's plans to double oil production capacity in the medium term will support economic growth and strengthen Iraq's financial and external situation.
However, Iraq's plans could be constrained by the uncertain outlook for global oil demand and ongoing challenges to Iraq's governance and political stability that discourage investment in the oil and gas sector.
Moody's also said that Iraq's turbulent political landscape and heightened political stability risks will continue to thwart progress on institutional and economic reforms.
In addition, higher oil prices and significantly lower government financing needs since the end of 2020 have reduced the momentum to advance reforms, it added.
Moody's expects a sharp upward reversal in financial and external sector metrics in 2021 with higher oil prices but progress in economic diversification remains slow and hampered by the weak business environment and investment climate in Iraq. Ended 29/ 77
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