Moody’s affirms Iraq’s Caa1 ratings

By John Lee.

Moody’s Investors Service has affirmed the Government of Iraq’s long-term issuer and senior unsecured ratings at Caa1 and maintained the stable outlook.

The decision to affirm Iraq’s Caa1 ratings reflects credit challenges posed by very weak institutions and governance that in Moody’s view, will continue to limit policy effectiveness, constrain the government’s capacity to respond to external and domestic shocks and weigh on the — currently very weak – competitiveness of Iraq’s economy.

The Caa1 rating level also captures Iraq’s inherently very high level of political risk, in part related to political strife which will slow reform progress, hamper a strengthening of institutions and contribute to maintaining very high fiscal, external and economic vulnerability to potential declines in oil prices.

More here.

(Source: Moody’s Investors Service)

(Picture: Bonds, from Alexskopje/Shutterstock)


Source: Iraq News

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New Iraq Reconstruction and Recovery Trust Fund

The Ministry of Planning and the United Nations signed a Memorandum of Understanding (MoU) to establish the Iraq Reconstruction and Recovery Trust Fund in support of the Government’s Recovery and Development Framework.

Iraqi Minister of Planning Dr. Nouri Sabah al-Dulaimi signed on behalf of the Government of Iraq. Marta Ruedas, the Deputy Special Representative of the United Nations Secretary-General for Iraq and Humanitarian and Resident Coordinator, signed on behalf of the United Nations.

The MoU falls in the framework of cooperation, is in line with the Iraqi government’s commitments under the provisions of the Kuwait Conference in 2018, and will help in articulating the international community’s pledges made at that time.

Ms. Ruedas said:

“This Fund is a way to channel the commitments from the Kuwait International Conference for Reconstruction of Iraq. We are pleased to continue supporting the Ministry of Planning and the Government of Iraq in the implementation of this agenda as well as the longer-term Sustainable Development Goals”.

The Trust Fund is in support of the Government’s Recovery and Development Framework as defined in the Recovery and Resilience Programme and for the required policy and programme support to the Government’s achievement of its SDGs targets and its Vision 2030.

(Source: UN)


Source: Iraq News

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