Fitch Ratings’ expects debt/GDP to drop as higher oil prices – which they estimate will average at USD105/barrel (bbl) in 2022 and USD85/bbl in 2023 – and production boost government revenue and nominal GDP. Their forecast fall in Iraq’s government debt/GDP ratio in 2022, to around 47% of GDP, from 66% in 2021, is the largest for any sovereign in the Middle East and north African region, bringing the country below the median for ‘B’ rated sovereigns.

Iraqi News

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