International agency adjusted the outlook for Iraq into a stable and classified -B

22 Hours Ago

Twilight News / awarded agency Fitch Ratings, Iraq's B rating, with stable outlook.

Fitch predicted in its report issued on Monday, shrinking the fiscal deficit to 5.1% of GDP during the current year, the deficit narrowed to 8.1% of GDP last year.

The agency noted in its report that this classification, refers to the good financial performance of the state, which has evolved in the first half of 2016, from the level in 2015, exceeding expectations despite the decline in oil prices from the level of government spending.

Fitch predicted, government spending growth of 12.1% during the next three years, which in turn will reduce the reliance on indirect monetary financing by the Central Bank of Iraq.

The report pointed out that Iraq still needs to identify funding sources to meet the financing Fjoth, adding that oil accounts for 50% of the gross domestic product of Iraq and 90% of fiscal revenues.