Moody’s Investor Service assigned a Caa1 long-term issuer rating with a stable outlook to the government of Iraq.
The ratings agency said that the stable outlook reflected the balance struck between recent positive developments, such as security forces and support from the international community, and political and economic fragility. “Nevertheless, the political situation remains fragile and will do so for some time,” Moody’s said.
Iraq’s proven oil reserves were 153 billion barrels, the fifth largest in the world, according to BP Statistical Review of World Energy. The supply glut has weighed down prices to around US$50 a barrel despite Opec’s efforts to curb the lull in oil prices. This places added pressure on Iraq as it relies on hydrocarbon revenues to the tune of 90 per cent of government revenues and nearly 100 per cent of exports.
According to the latest data, oil accounts for about 50% of nominal GDP, nearly 100% of exports, and around 90% of government revenues. However, because oil extraction is a capital-intensive industry, it is not particularly important for employment, with only 1% of total employment in the sector.
Moody’s said that the volatile oil market has caused a sharp slowdown in the country’s growth this year. “We are currently forecasting a 0.4 per cent contraction in growth in the economy, and looking ahead, growth between now and 2022 is likely to slow,” the ratings agency said. “After a growth rebound of 2.9% for 2018, the IMF is forecasting that real GDP growth will be between 1.7% and 2.1% through 2022.”
Iraq’s deficit for last year was larger than targeted, 14.1 per cent of GDP versus 10.9 per cent. The IMF expects a large 9 percentage point deficit reduction this year, but that is almost entirely dependent on increases in oil revenue.
Moody’s said that the government has significant reserves totaling around $40 billion, which will provide a fiscal buffer for when other sources of funding are constrained.
Moody’s also gave a Caa1 senior unsecured rating to the country’s bond issuance as well as a B3 long-term local and foreign currency bond ceilings and Caa2 local and foreign currency deposit ceilings.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Company%20profile
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The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
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UAE currency: the story behind the money in your pockets
UAE%20medallists%20at%20Asian%20Games%202023
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COMPANY%20PROFILE
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
