Ministry of Finance: Iraq internationally maintains its credit rating
Ministry of Finance: Iraq internationally maintains its credit rating
02/26/2021 15:18:55
{Baghdad: Al Furat News} The Ministry of Finance announced, today, Friday, that Iraq has maintained its global credit rating at {-B} with an emphasis on financial and economic stability, according to the international agency Standard and Poor’s {S&P}.
“The Minister of Finance, Ali Allawi, participated in a panel discussion to discuss economic and financial developments and the credit rating of Iraq via video conference, which included experts and specialists from the ministries of finance and oil, and representatives of the Central Bank,” a ministry statement said.
He added that “during the dialogue, they discussed the economic and financial developments and the credit rating of Iraq and the factors that contributed to maintaining the credit rating at-and the emphasis on financial and economic stability, according to Standard and Poor’s Agency.”
He pointed out that the change in the exchange rate eased pressure on foreign reserves and strengthened the ability of the Ministry of Finance to provide domestic financing and recovered crude oil prices at the beginning of 2021 compared to what they were in 2020.
The statement continued, “The stable outlook for the Iraqi economy was also discussed, which came to reflect the continuation of foreign currency reserves at a level that increases the external public debt service and Iraq’s ability to pay off its external debt obligations over the next 12 months.”
The Ministry of Finance pointed out that “the Standard & Poor’s Agency, since the outbreak of the Corona pandemic, has taken decisions to reduce the rating from stable to negative for more than 80 cases around the world.”
alforatnews.com
