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With its reserves declining, Iraq at the bottom of the list of "negative" countries in the credit ratings

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With its reserves declining, Iraq at the bottom of the list of "negative" countries in the credit ratings

2020-04-17

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"Fitch" credit rating agency issued its periodic credit report to countries of the world, as it confirmed the credit rating of Iraq at "B-" with a modified outlook from stable to negative.

And, "Fitch" in her report, followed by "Iraq," that "political risks remain a major constraint on the classification of Iraq, along with the economic repercussions of the outbreak of the Corona virus."

And Iraq ranked 34th, the lowest among all the countries ranked by the agency, in the World Bank management index, which reflects the extent of corruption, government inefficiency and weak institutions, along with insecurity and political instability.

The agency expected that "the external finance of Iraq will deteriorate sharply, with the current account deficit falling to 16%, and 6% of GDP, in 2020 and 2021."

According to the report, the forecasts indicate "the decline in the country's international reserves (including gold) to 25 billion dollars by the end of 2021, which is a decrease of more than 40 billion dollars over two years," adding that

"the classification of Iraq was affected by the risks associated with the continuing tensions between the states The United States and Iran, widespread protests, and greater fragmentation among political groups, as this undermined the government's effectiveness over the past year.”

He pointed out that "confirmation of the classification is due to the current high level of international reserves for Iraq, and low debt service obligations and international financial support."

And the reserves of Iraq reached 66.7 billion dollars at the end of 2019 (8 months of current foreign payments), then it decreased to 62.9 billion dollars at the end of last February, with more severe declines expected from March onwards.

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