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Showing results for tags 'moodys credit ratings'.
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An international classification indicates the slow economic diversification in Iraq and the biggest challenge it faces 2021-07-07 02:33 Shafaq News/ Moody's Financial Rating Agency confirmed its credit rating for Iraq at Caa1 with a stable future outlook. Moody's stated that the confirmation of the rating reflects the credit challenges posed by Iraq's exceptionally large economic and financial dependence on oil. Moody's stated that the stable outlook for Iraq balances a number of potential positive and negative drivers. She added that progress in economic diversification is still slow and hampered by the weak business environment and investment climate in Iraq. She considered corruption to be the biggest institutional challenge facing Iraq. Moody's said that Iraq's political landscape and growing political stability risks threaten to further slow progress on institutional and economic reforms. -
Moody's: Iraq's fiscal deficit is expected to reach 4% in 2019 Moody's Credit Rating Agency 03 Oct 2019 02:18 PM A report issued by the credit rating agency "Moody's" that the credit file of the Government of Iraq is stable, noting that it will remain dependent on oil revenues, which is expected to decline in the medium term. The Moody's report published on Thursday, that oil production and exports are two of the main factors of economic growth in Iraq and the main source of financial and current account revenue. Moody's expects Iraq's fiscal deficit to be around 4 percent of GDP in 2019-20 after a surplus of 7.9 percent in 2018. Oil accounts for 99 percent of merchandise exports, more than 90 percent of government revenues and more than 60 percent of economic output. The agency said it did not expect Iraq to reduce its dependence on oil production and the sensitivity of oil price fluctuations significantly in the next five years. It also suggested that the current account balance would gradually deteriorate to 2 percent of the GDP deficit by 2020, after a surplus of 5.8 percent and 0.8 percent of GDP in 2018 and 2019, respectively.
