The Ministry of Finance announced on Sunday that Iraq has successfully maintained its credit rating and foreign currency reserves, reflecting continued economic stability.
In a recent report from Standard & Poor’s (S&P) Credit Rating Agency, Iraq’s credit rating was kept at B-/B with a stable outlook. This reflects the country’s ongoing financial stability and positive economic outlook.
The Ministry of Finance explained that this stable rating is the result of the government’s continued focus on economic and financial reforms, as well as the maintenance of foreign currency reserves that surpass Iraq’s external public debt. These achievements are also supported by the stability of crude oil prices.
The report further highlighted that Iraq’s credit rating could improve if there is an increase in the country’s economic growth rate, a broader diversification of oil and non-oil revenues, and a rise in the per capita share of national income. Continued progress in financial and economic reforms would also contribute to enhancing Iraq’s financial outlook.
