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[size=36]An international agency that adjusts the credit rating of Iraq to stable[/size]
Economie| 02:36 - 24/03/2021
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Follow-up - Mawazine News,
the international credit rating agency (Fitch), amended, on Wednesday, the outlook for Iraq to stable, confirming its rating at (B).
The agency, headquartered in New York and London, said in a report seen by Mawazine News that it had "adjusted the outlook for Iraq to stable from negative, but political economy dynamics still hamper policy making."
It indicated that "despite the 18.5% devaluation of the Iraqi dinar and the government's approval of the white paper on financial and economic reforms, some possibilities point to taking measures to put Iraq's financial affairs on more sustainable foundations."
The agency added that "Iraq's classification is restricted by reliance on basic commodities, weak governance, high political risks, and an underdeveloped banking sector, while the rating is supported by high foreign currency reserves and low interest costs on government debt."
The agency projected a budget deficit "equal to about 5% of GDP in 2021, shrinking from an estimated 16.5% of GDP in 2020 due to high oil prices and devaluation of the currency, which will boost the local currency's value for oil exports by 5%." Of gross domestic product, "with the rest of the variables held constant.
"There is a great deal of uncertainty in the projections because the 2021 budget has not been finalized, amid widely varying proposals. In 2022, we expect a similar deficit, as higher oil exports compensated for lower oil prices, while spending increased only marginally." After strong growth in 2021. "
It pointed out that "oil export revenues will grow by 75% in 2021, based on an improvement of 42% in the price of Iraqi oil to $ 55 per barrel (Brent crude at $ 58 per barrel), the devaluation of the currency and a slight increase in the volume of exports."
It indicated that "non-oil revenues are likely to increase, but they do not meet the budget proposals, which included progressive reform of the payroll tax, a 10% flat tax on pensions, and a new sales tax on alcohol, tobacco and auto sales."
The agency indicated that "government debt / GDP increased to 87% in 2020 from 48.5% in 2019, driven by the budget deficit, and a 25% decrease in nominal GDP and currency depreciation, which added nearly 10 points in the ratio." Government debt / GDP. "
This includes foreign currency debt an estimated $ 40 billion in old debt arising from the 1980s, for which Iraq faces no pressure to serve after the 2004 Paris Club agreement, and excluding this debt, total government debt / GDP was around 60% at the end. - 2020. 'Ended 29 / p.4
the international credit rating agency (Fitch), amended, on Wednesday, the outlook for Iraq to stable, confirming its rating at (B).
The agency, headquartered in New York and London, said in a report seen by Mawazine News that it had "adjusted the outlook for Iraq to stable from negative, but political economy dynamics still hamper policy making."
It indicated that "despite the 18.5% devaluation of the Iraqi dinar and the government's approval of the white paper on financial and economic reforms, some possibilities point to taking measures to put Iraq's financial affairs on more sustainable foundations."
The agency added that "Iraq's classification is restricted by reliance on basic commodities, weak governance, high political risks, and an underdeveloped banking sector, while the rating is supported by high foreign currency reserves and low interest costs on government debt."
The agency projected a budget deficit "equal to about 5% of GDP in 2021, shrinking from an estimated 16.5% of GDP in 2020 due to high oil prices and devaluation of the currency, which will boost the local currency's value for oil exports by 5%." Of gross domestic product, "with the rest of the variables held constant.
"There is a great deal of uncertainty in the projections because the 2021 budget has not been finalized, amid widely varying proposals. In 2022, we expect a similar deficit, as higher oil exports compensated for lower oil prices, while spending increased only marginally." After strong growth in 2021. "
It pointed out that "oil export revenues will grow by 75% in 2021, based on an improvement of 42% in the price of Iraqi oil to $ 55 per barrel (Brent crude at $ 58 per barrel), the devaluation of the currency and a slight increase in the volume of exports."
It indicated that "non-oil revenues are likely to increase, but they do not meet the budget proposals, which included progressive reform of the payroll tax, a 10% flat tax on pensions, and a new sales tax on alcohol, tobacco and auto sales."
The agency indicated that "government debt / GDP increased to 87% in 2020 from 48.5% in 2019, driven by the budget deficit, and a 25% decrease in nominal GDP and currency depreciation, which added nearly 10 points in the ratio." Government debt / GDP. "
This includes foreign currency debt an estimated $ 40 billion in old debt arising from the 1980s, for which Iraq faces no pressure to serve after the 2004 Paris Club agreement, and excluding this debt, total government debt / GDP was around 60% at the end. - 2020. 'Ended 29 / p.4
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