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In the latest international classification.. Iraq maintains its “credit stability” and high economic growth rate
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Baghdad Today - Follow-up
The Ministry of Finance revealed, today, Sunday, September 1, 2024, that Iraq maintained its credit rating in the latest report issued by Standard & Poor's Credit Rating Agency.
The Ministry of Finance said in a statement received by "Baghdad Today" that Iraq maintained the rating "at (B-/B) with a stable outlook", referring to "financial and economic stability in Iraq."
The Ministry of Finance pointed out that "the new classification reflects the ongoing economic and financial reform policy 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."
The agency's report indicated "the possibility of improving Iraq's credit rating in the event of an increase in the economic growth rate, diversification of the state's oil and non-oil public financial revenues, an increase in the per capita income share of the national income, and the continuation of financial and economic policy reform measures."
On May 16, the International Monetary Fund expected the Iraqi economy to grow by 1.4 percent in 2024 and 5.3 percent in 2025.
The International Monetary Fund also expected Iraq's budget deficit to widen to 7.6 percent in 2024 from 1.3 percent in 2023, noting that "a gradual but significant fiscal adjustment is needed in Iraq to stabilize debt in the medium term and rebuild financial reserves."
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