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[size=36]Finance: Iraq maintains its credit rating[/size]
Economy | 11:47 - 05/09/2023
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Baghdad - Mawazine News
The Ministry of Finance confirmed, on Tuesday, that Iraq has maintained its credit rating.
The ministry stated, in a statement that Mawazine News received a copy of, that "in the latest report of the Standard & Poor's Credit Rating Agency (S&P), Iraq maintains its credit rating at B - / B with a stable outlook, with an emphasis on financial and economic stability, according to the report." Indicating that "the new classification was a reflection of the policy of continuous economic and financial reforms pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices."
She added, "The report relied in its classification on several indicators, the most important of which are: the Iraqi parliament's approval of the tripartite budget for the years (2023, 2024, and 2025), which aims to revive infrastructure projects and economic needs," noting that "the formation of the government at the end of 2022 led to a state of political stability." ".
And she continued, "The report confirms that the prediction of a large surplus in the current account, within the economic expectations, will add to the already strong foreign currency reserves, which works to support Iraq's external capabilities to service the debt during the next 12 months."
And she pointed out that “the agency predicts that economic growth will reach 2.6% annually, during the years 2023-2026, which is linked to an increase in oil production and its repercussions on growth in the non-oil field, in addition to a decrease in annual inflation rates to 4% in July 2023 after it was 5.” -6% during the years 2021 and 2022, which is due to government measures in revaluing the currency, controlling prices, and government support for food and energy prices.
While the agency's report indicated, according to the statement, "the possibility of improving Iraq's credit rating in the event of a high rate of economic growth, diversification of public financial revenues for the oil and non-oil state, an increase in per capita income from national income, and the continuation of financial and economic policy reform procedures." Ended 29 / H
The Ministry of Finance confirmed, on Tuesday, that Iraq has maintained its credit rating.
The ministry stated, in a statement that Mawazine News received a copy of, that "in the latest report of the Standard & Poor's Credit Rating Agency (S&P), Iraq maintains its credit rating at B - / B with a stable outlook, with an emphasis on financial and economic stability, according to the report." Indicating that "the new classification was a reflection of the policy of continuous economic and financial reforms pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices."
She added, "The report relied in its classification on several indicators, the most important of which are: the Iraqi parliament's approval of the tripartite budget for the years (2023, 2024, and 2025), which aims to revive infrastructure projects and economic needs," noting that "the formation of the government at the end of 2022 led to a state of political stability." ".
And she continued, "The report confirms that the prediction of a large surplus in the current account, within the economic expectations, will add to the already strong foreign currency reserves, which works to support Iraq's external capabilities to service the debt during the next 12 months."
And she pointed out that “the agency predicts that economic growth will reach 2.6% annually, during the years 2023-2026, which is linked to an increase in oil production and its repercussions on growth in the non-oil field, in addition to a decrease in annual inflation rates to 4% in July 2023 after it was 5.” -6% during the years 2021 and 2022, which is due to government measures in revaluing the currency, controlling prices, and government support for food and energy prices.
While the agency's report indicated, according to the statement, "the possibility of improving Iraq's credit rating in the event of a high rate of economic growth, diversification of public financial revenues for the oil and non-oil state, an increase in per capita income from national income, and the continuation of financial and economic policy reform procedures." Ended 29 / H
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