The credit rating agency “S&P” announced that Iraq’s credit rating was fixed at B-/B while maintaining a stable outlook.
According to a report issued by the World Bank, Iraq continues its unremitting efforts to achieve stability and sustainable growth, despite the many difficulties it has faced in recent years, including the war against terrorism and economic changes.
The Iraqi government has paid great attention to rebuilding infrastructure, improving the level of public services, and advancing economic reforms, with the support of international partnerships aimed at promoting sustainable development and developing human capabilities.
The World Bank also drew attention to the fact that reliance on oil as a main driver of economic growth was a fundamental cause of economic fluctuations in Iraq, which reduced its ability to achieve stable growth and sustainable development. Continued reliance on oil revenues makes the Iraqi economy more exposed to risks in light of the rapid global shift towards reducing carbon emissions.
The bank stressed that Iraq is considered one of the countries most affected by climate change and its repercussions, whether in terms of natural risks, such as high temperatures, water scarcity, and severe weather phenomena, or in terms of financial vulnerabilities that exacerbate these challenges.
