Finance: Iraq maintains its credit rating at B/B- with a stable outlook
The Ministry of Finance announced, on Tuesday, that Iraq maintains its credit rating at -B/B with a stable outlook in the latest report of Standard & Poor’s (S&P)
The Finance said, in a statement received by (Baghdad Today), that: “The new classification came as a reflection of the policy of continuous economic and financial reforms pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceeds the external public debt service and the fulfillment of other external financial obligations as a result of the rise in crude oil prices.” “.
While the agency’s report indicated, according to the statement, “the possibility of improving the credit rating of Iraq in the event of a high rate of economic growth, diversification of the public financial revenues of the oil and non-oil state, an increase in the per capita share of national income, and the continuation of financial and economic policy reform measures.”
It is noteworthy that (Standard & Poor’s), as a credit rating agency, issues its rating to measure the ability of a borrower government, company or institution to fulfill its financial obligations to the lender, meaning that this rating is a testimony about the financial position of the concerned party. link
Formal, parallel, market and economy
The “official” rate for the dollar is 1,300 dinars.
The price of the parallel market for the dollar now is 1527 dinars.
The market.. the market.
As long as there is an “official” price (of anything), there is a corresponding “market” price.
As long as there is a market, there will remain a “gap” between the “official price” and the “market price”.
Sometimes the price is “managed”, and the market rhythm is “set” .. and some “countries” do this, because they are able to do so .. i.e. they are able to influence the size of the price “gaps” and the extent of their widening, according to the main macro variables that govern the economy .
The “success” in achieving this “discipline,” “control,” or “influence” will remain “relative.” Because no “authority,” including the powers of the most powerful dictatorships in the world, can “completely” regulate or control the market price. .
Sometimes (as is the case with the current exchange rate crisis in Iraq, with all its details and causes), “success” in this regard will only be embodied in the ability of the “state” to narrow the difference between the official price and the parallel market price of the dollar against the dinar.
As for the “government” taking “urgent” decisions and adopting “hasty” policies with the aim of narrowing the difference between the two prices, and yet the difference between the official price and the parallel market price remains the same (or widens over time), this is the specific “failure”.
Failure that may lead to chaos in the economy.
This is the chaos that oil is covering up now.
We have nothing but oil now.
And we have no “guardian” or “intercessor” other than him.. even for a while. link
There will be no American hegemony after today.” The law clarifies the content of Al-Sudanese’s message to Washington
Today, Tuesday, the State of Law Coalition clarified the content of the Prime Minister’s message, Mohamed Al-Sudani, to the United States of America, while the government’s openness towards European countries aims to get rid of Washington’s “hegemony”.
“The Prime Minister, Muhammad al-Sudani, gave a clear message to countries that may believe that Iraq is their share, whether it is financial, economic, or investment, like America or others,” pointing out that “the content of this The message is the government’s balanced foreign steps and moving away from unilateral relations.
He added, “This private government openness towards European countries is a clear message that Iraq will not accept hegemony, especially economic, and will remain under foreign commandments and remain in this state as if it is mortgaged.”
And the representative of Al-Maliki’s coalition continued his speech, saying: “When Iraq has complex relations, especially we need various specializations, and considering the existence of countries specialized in the field of crimes and combating terrorism, electricity, education, it seeks to achieve interests that benefit its people.”
“The government is continuing to establish balanced international relations away from indicators of domination and exclusivity in Iraq,” Makhaif stressed.
A member of the House of Representatives, Ali Al-Jamali, had ruled out America’s ability to make Iraq an enemy of neighboring countries, especially the Islamic Republic of Iran, while stressing that the government was continuing to get rid of American hegemony. link
The Foreign Minister from Washington: Not to allow others to interfere in Iraq’s affairs
Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, affirmed Iraq’s commitment not to use its lands to attack others, and not to allow others to interfere in Iraq’s affairs.
And the Foreign Ministry stated in a statement: “The minister met, at his residence in Washington, Theresa Stephen Joynov, Deputy Assistant Secretary of Defense for International Security Affairs, and during the meeting they discussed issues of common interest: The meeting dealt with praising the efforts of the American forces in helping Iraq eliminate gangs.
“ISIS terrorist organization, military and security cooperation with Iraqi forces, and reviewing Iraq’s efforts to achieve stability and security in the region.
The minister stressed the necessity of continuing joint coordination to eliminate the remnants of terrorist organizations and combat extremist ideologies and ideas that support this organization, and the Iraqi government’s keenness to provide the best means of training and qualification for the Iraqi security forces in all their forms.
The minister indicated Iraq’s commitment to achieving the best balanced friendly relations with neighboring countries and the region, not to use Iraqi lands to attack others, not to allow others to interfere in Iraq’s affairs, not to enter into disputes and conflicts, and to be keen to bridge the views between the different parties and to build good relations based on common interests.
And he emphasized the role of Iraq in rejecting wars in principle because of the suffering of the Iraqi people for decades from these wars, and affirmed the constant endeavor within the initiative of the League of Arab States to end the war between Russia and Ukraine, which affected the whole world in all political, economic, social and humanitarian aspects.
For her part, Joynov affirmed the United States’ support for Iraq in achieving stability, building its armed forces, and supporting Iraq’s efforts to achieve stability in the region. ink
Source: Dinar Recaps
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