Iraq has established a taskforce for strengthening its sovereign credit rating as part of wider reforms to enhance economic stability and attract foreign investment.

Government financial adviser Mudher Mohammed Saleh said the initiative would help reduce risk perceptions for investors and contractors, lower project costs, and improve access to global financing.

“This initiative carries direct benefits for investment projects, as it sends a strong signal of confidence to investors, developers, and foreign contractors, encouraging them to operate in Iraq at globally competitive rates and with minimal risk,” he told Zawya Projects.

The Prime Minister’s Office had said the joint team, chaired by the Central Bank of Iraq governor, includes representatives from the finance, oil, and planning ministries, the Securities Commission, and the local banking sector. It will design a strategy with measurable objectives, submit progress reports, and maintain direct engagement with rating agencies Fitch, S&P, and Moody’s.

Saleh added that the team will operate within the framework of the National Development Plan 2024–2028, which prioritises economic diversification and reducing reliance on oil as the country’s main source of revenue

“These measures are fundamental to creating a more attractive business environment, drawing in foreign investment, and supporting long-term financial stability through a balanced and sustainable review of the country’s monetary and fiscal policies,” he said.

(Reporting by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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