We expect the government will continue to implement the fiscal consolidation program supported by the International Monetary Fund, which should help narrow fiscal deficits, and preserve the level of foreign reserves. After strong growth in 2016, we project overall GDP growth in 2017-2020 will remain subdued because of lower investment in the oil sector, fiscal austerity, and domestic political tensions. We are affirming our 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Iraq. The stable outlook reflects our expectation that fiscal consolidation will continue over the next few years, while economic growth prospects will be subdued owing to domestic political tensions and constrained government spending. On Feb. 24, 2017, S&P Global Ratings affirmed its 'B-' long-term
