KTFA

Samson: Contrary to expectations .. Standard & Poor’s: Iraq’s economy will recover .. This is what will happen to the non-oil sectors

24th August 2019

The US financial services company, Standard & Poor’s, on Saturday (August 24, 2019), expected Iraq to recover from the deficit in the 2019 budget, through the gradual recovery of non-oil economic activity.

The company said in a new report on a number of Arab countries that Iraq will record a budget deficit in 2019 and the coming years, due to low oil prices and the needs of large spending.

S&P revealed that growth in Iraq could recover in 2019, supported by expected increases in oil production and a gradual recovery of non-oil economic activity.

The company said it could cut its ratings for Iraq if the government increased spending beyond its expectations.

A member of the Parliamentary Finance Committee, Ahmed Mazhar al-Jubouri, confirmed Thursday (22 August 2019), the absence of a supplementary budget in the budget for this year 2019, while talked about the existence of serious indicators of a deficit exceeding the 72 trillion for next year

Jubouri said, in a special statement to (Baghdad today), “The budget law is one, and there is no supplementary budget for the current year

Jubouri added that “the supplementary budget occurs when there is a surplus in imports, but when there is no surplus we do not need the supplementary budget, especially since the indicators for the budget of 2020 are alarming for more than 72 trillion dinars budget deficit, and therefore there is no so-called supplementary budget   LINK

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Samson:   Standard & Poor’s confirms its credit rating of Iraq at B- / B with a stable outlook  LINK  

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