Finance: Iraq is developing a global credit classification
2021-03-25 | 03:06
The Ministry of Finance on Thursday confirmed a positive development in Iraq's credit rating.
The Ministry of Information Office said in a statement received by Alsumaria News that the International Credit Classification Agency amended the outlook of Iraq from negative to stable and rising credit rating universally after granting a better future look.
The report presented by the Fitch International Credit Classification of financial procedures adopted by the Iraqi government under its reformist policy of the Iraqi economy.
According to the report, Iraq's credit rating has been amended from a negative view last year to a stable look.
The new classification comes to reflect the continued reserves of foreign currency at the level of external public debt service and the state's ability to meet its financial obligations and reformist steps contained in the white paper and the efforts of the Ministry of Finance and its effective contribution to reducing the value of the expected deficit of the federal federal budget.
The procedures for changing the exchange rate of the Iraqi dinar, which had affected pressure on stress on foreign reserves and the recovery of global oil prices during the first quarter of this year.
In its report, the Agency also confirmed an optimistic view on high growth rates of the Iraqi economy during this year 2021 in conjunction with the rise in oil revenues and the reform of the Iraqi government's fiscal and economic policy.