Relatively high oil prices and rising production will support current account surpluses through 2025, increasing Iraq's already-strong foreign exchange reserve position. After a fiscal surplus in 2021, we expect spending pressure to address Iraq's high social and infrastructure needs will return the government to a deficit in 2022-2025, but robust oil receipts and domestic financing constraints will keep the deficit contained. We therefore affirmed our 'B-/B' ratings on Iraq. The outlook is stable. On Feb. 18, 2022, S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Iraq. The outlook is stable. The stable outlook reflects our view that Iraq's foreign exchange reserves will continue to comfortably exceed debt-servicing obligations over the
