Al-Sudani directs the formation of a national team to improve credit ratings.
Al-Sudani directs the formation of a national team to improve credit ratings.
08/21/2025
Prime Minister Mohammed Shia al-Sudani directed the formation of a joint national team on Wednesday to develop a comprehensive strategy to improve Iraq’s sovereign credit rating.
A statement from the Prime Minister’s media office, received by Al-Sabah newspaper on Wednesday, stated that in line with the government’s efforts to strengthen Iraq’s financial and economic standing internationally, the Prime Minister directed the formation of a joint national team, headed by the Governor of the Central Bank of Iraq, and including representatives from the Ministries of Finance, Oil, and Planning, as well as relevant economic and financial institutions, in addition to the Prime Minister’s Office, the Securities and Exchange Commission, and representatives from the Iraqi banking sector.
According to the statement, this national team will work to prepare an integrated strategy that includes clear and measurable objectives, submit periodic reports to the relevant authorities, and coordinate directly with major international credit rating agencies, particularly Fitch, S&P, and Moody’s, with the aim of improving Iraq’s sovereign credit rating. The team will also pay special attention to strengthening governance tools, managing financial risks, and developing the business environment in line with the government’s economic reform plans.
This directive comes within the framework of the government’s vision to adopt a comprehensive national strategy aimed at improving Iraq’s sovereign credit rating, thus contributing to strengthening international confidence in the national economy and opening up broader horizons for direct and indirect foreign investment. The government affirms that this step represents a clear commitment to its reform approach and its commitment to achieving economic stability, supporting the stability of the financial system, and providing an attractive investment environment that contributes to diversifying sources of income and reducing dependence on oil as the sole primary resource.
Meanwhile, Faisal Al-Haimus, Chairman of the Securities Commission, stated in a statement received by Al-Sabah on Wednesday that the Commission had achieved a qualitative leap and tangible accomplishments in the Iraq Stock Exchange during the years (2024-2025), within the framework of the government’s continuous directives and support.
He explained that these achievements, which encompass legislative, technical, and regulatory aspects, aim to develop the financial market’s infrastructure, enhance transparency, protect investor rights, and ultimately align with international standards.
Al-Haimus pointed out that the most significant milestones achieved on the legislative and regulatory levels were the approval of the draft securities law, the completion of its preparation, and its approval by the Council of Ministers. It is now before the House of Representatives for the second reading. He also noted the approval of the internal regulations of the Iraq Stock Exchange and the organizational structure, in addition to the activation of the unified issuance validity system to enhance the accuracy and efficiency of operations.
Regarding infrastructure and technology development, Al-Haimus pointed to the Authority’s achievements in digital transformation and enhancing transparency by modernizing trading mechanisms in cooperation with specialized companies, developing electronic disclosure systems, renewing the license for the (Xstrem) trading system to immediately disclose companies’ financial status and interest rates directly on the trading platform, and creating the Authority’s electronic information station to serve the public and investors on the website.
Al-Haimus explained that the Authority launched a new trading platform to allow small shareholders of companies that do not disclose their financial data to trade, and launched a platform for trading unlisted shares (OTC), where (19) companies have been listed so far. The Authority also launched electronic trading platforms via smart devices in cooperation with brokerage firms to facilitate access to the market.
In the field of international cooperation and capacity building, the Chairman of the Securities and Commodities Authority pointed to the signing of two memoranda of understanding with the Abu Dhabi Securities Exchange and the Egyptian Financial Supervisory Authority, as well as an agreement with the British Institute for Securities and Investment, with the aim of developing the performance of the sector’s workforce.
Al-Haimus concluded his statement by emphasizing that these achievements constitute a fundamental pillar of a comprehensive strategy aimed at making the Iraq Stock Exchange a vital contributor to the national economy and an attraction for both local and foreign investment.
alsabaah.iq
