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Saleh indicates Iraq’s credit rating B-, Economist urge Iraq to improve its credit rating to attract investment and development

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Posted: August 31, 2013

08/31/2013 12:00 AM

called Economists actors economic government in the country need to speed up resolving the issue credit rating of Iraq because of its great importance in attracting foreign investment and give the perceptions of the economic right to the investing companies as well as being one of the most factors in the banking sector reform.

ccording to the economic expert d. The appearance of Mohammed Saleh, the classification of Iraq credit now, although he did not specify yet officially, he is at a temperature of B-returned him a good indication of the reason for optimism, noting that it could be rated country credit through bonds sold in global markets because the presence of a credit rating, and that was low , it is better than no rating basically. are rated countries in the world credit ladder classification consists of 4 degrees are A, B, C and D as well as variables that represent signal + or – and Petkrarat different.

Salih stressed in a statement to the (morning) the importance that begins Iraq now negotiating for the purpose Ranked credit because this issue is vital and contemporary and is useful for re-engineering the performance of the Iraqi banking sector and developed to accomplish its functions in the service of economic development, a kind of evolution industry banking on banks that operate for the purpose of applying this system to keep pace with the development in the rest of the Arab banks and global.

was The first round of the Conference of Finance and Commerce had been launched in June of last year, it was agreed during which Iraq to encourage investors to come to Iraq and classification of credit to be able to give credit for foreign investors, as well as the importance of that goes on Iraq in this category in order to give guarantees opportunities for investors and reassurance recover their capital.

Saleh was said earlier that the credit rating is through the public debt and the issuance of treasury transfers or government bonds, particularly in international markets, or those bonds that are sold outside of Iraq except for support and one Qaeidah Iraq in return for private-sector debt under the Paris Club agreement .

adding when sold bonds then sold at about 60 cents, and prices have increased to up to 90 cents, and this situation has become, as if to Iraq rated automatically among the countries that have rated within the degree of B-.

Pointing to the existence of additional factors must be exploited to achieve the credit rating and raise the degree and the most important exit Iraq from Chapter VII and the entry of a number of foreign companies, in addition to the high financial liquidity available.

in the same context, said banking expert at the Ministry of Finance. Hilal Taan that the responsibility for providing the credit rating of Iraq rests with the Central Bank of Iraq, pointing out that the credit rating of the current is the result of a reflection of the political situation and economic development of the country.

Said Taan told (morning) that Iraq had in the seventies and eighties of the last century rated high credit, but no one to disclose the grade and classification at the time as being contrary to the laws and regulations of the former regime. and called for the need to move the government to raise this level to a degree better because it will contribute to attracting investments and gives confidence for additional investors and foreign companies for the purpose of coming to Iraq and direct the reconstruction of infrastructure to

Therefore, it is important in the economic advancement of the country at all levels. said academic Economic d. Essam المحاويلي that it is necessary for Iraq, a credit rating sovereign agencies and international credit rating (CRAs) and the application of the policies needed to improve the degree classification to become within the investment grade, which contributes to increase the resources of the state to enable Iraq to attract investors and access to global capital markets and access to finance appropriate cost. He المحاويلي told (morning) that there are clear differences between the credit rating agencies in the credit rating of sovereign debt, as well as the Group Financial is the most influencing factors in the credit rating of sovereign debt, which leads to a change in the degree classification, pointing to the need to identify the differences in including the methodologies credit rating of sovereign debt to be canceled.

called to work to get the credit rating of an international grants and reliability of its projects and be able to get international funding for investment projects that he wants to do in various fields and adopt a policy of return to Iraq Ranked global credit and grants and reliable enough for its projects and including encourages companies global implementation.

, adding that the concerned party to return Iraq to the global credit rating, you should be with extensive experience in this field, and has the ability to negotiate and persuasion to get the best results.

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