S&P affirms Iraq's credit rating with a stable outlook
- Baghdad
Standard & Poor's (S&P) credit rating agency has affirmed Iraq's credit rating at B-/B with a stable outlook.
According to a previous World Bank report, Iraq remains committed to pursuing stability and sustainable growth, despite the significant challenges it has faced in recent years, including the war against terrorism and economic fluctuations.
The government has focused on rebuilding infrastructure, improving public services, and pushing forward economic reforms, supported by international partnerships aimed at promoting sustainable development and human capital development.
The World Bank noted that Iraq’s oil-based growth model has been a major source of economic instability, limiting its ability to achieve stable growth and sustainable development. Continued reliance on oil revenues makes the Iraqi economy more vulnerable to risks amid the accelerating global shift towards reducing carbon emissions.
The bank explained that Iraq is among the countries most exposed to the effects and shocks of climate change, both in terms of physical risks, such as rising temperatures, water scarcity and extreme weather events, and in terms of financial vulnerabilities that exacerbate these challenges. LINK