Iraq’s economy will strengthen this year as a result of higher oil prices but this will not be enough to stabilize it over the long term, according to Moody’s. The ratings agency affirmed Iraq’s stable outlook along with its long-term non-investment grade rating citing the country’s continued over-reliance on oil revenues. “The rating affirmation reflects credit challenges posed by Iraq's exceptionally high economic and fiscal reliance on oil, and very weak institutions and governance that … will continue to…
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