🚀🇮🇶 “Iraq’s Bold Move to Boost Credit Rating & Break Free From Oil Dependency!” 💰🔥
🔥 Top Highlights:
🏛️ National Team Formed to Improve Credit Rating
PM Mohammed Shia al-Sudani leads a new joint team headed by the Central Bank Governor, including key ministries & agencies, aiming to reshape Iraq’s financial reputation worldwide.
📉 Goal: Lower Borrowing Costs & Attract Investment
Higher credit ratings mean cheaper loans and more foreign capital — crucial for Iraq’s development projects and economic diversification.
⚖️ Tackling Chronic Fiscal Deficit & Oil Reliance
Iraq depends on oil for over 90% of revenue, making it vulnerable to market swings. The new strategy aims to diversify income and reduce this risky dependence.
🔍 Focus on Financial Governance & Economic Reform
The plan emphasizes risk management, better business environment, and fighting corruption alongside political will — key for lasting improvements.
📊 Credit Ratings & Risks
Standard & Poor’s currently rates Iraq at B-/B with a stable outlook but warns political instability and lack of diversification threaten downgrades.
⚠️ Public Debt & Spending Concerns
Rising debt and public sector salaries strain Iraq’s budget. Experts warn reforms must address these structural fiscal issues for rating upgrades to stick.
💡 Why This Matters:
This is a critical economic turning point for Iraq — moving from oil dependency to a broader, sustainable economysupported by international confidence. Success here means lower costs, higher investment, and a more stable financial future.
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