Iraqi Prime Minister Mohammed Shia Al-Sudani recently engaged in discussions with Daniel Zelikow, the Chair of the Governing Board of the JP Morgan Development Finance Institution (DFI) about the government’s efforts towards financial and banking reforms. This meeting occurred during Al-Sudani’s official visit to the United States, where they discussed measures adopted by the Iraqi government to improve the Iraqi economy and achieve development. The Prime Minister’s Office (PMO) reported that the Iraqi Prime Minister discussed steps taken to develop government banks, highlighting agreements with international consulting companies specialising in banking reform.
Al-Sudani emphasised the importance of continued cooperation with the US Department of the Treasury, the US Federal Reserve, the International Monetary Fund (IMF), and other international financial institutions. Zelikow commended the efforts of the Iraqi government in activating, developing, and rehabilitating government and private banks, as well as its procedures related to providing assistance to private Iraqi banks. He also expressed JP Morgan’s support for the initiatives of the Iraq Development Fund and its readiness to offer assistance in training and going into partnerships.
During a meeting in January, Al-Sudani discussed JP Morgan’s possible participation in the Iraqi government’s efforts to adopt electronic payment applications in Iraqi markets. The two parties reviewed the Central Bank of Iraq’s (CBI) and JP Morgan’s technological efforts to generate concepts for digital currency trading for central banks. Al-Sudani indicated that his government is eager to see JP Morgan and the Iraq Development Fund work together more closely.
The Iraqi Prime Minister emphasized that Iraq is making progress toward banking and financial reform in a way that would support the growth of this important industry. The ongoing discussions and collaboration between the government of Iraq and JP Morgan demonstrate a shared commitment to the future of Iraqi banking and financial reforms, indicating a positive outlook for the country’s economic development.
This valuable dialogue and partnership with JP Morgan showcase the commitment of both parties to work together towards enhancing the banking and financial sector in Iraq, inspiring confidence in the country’s potential for growth and prosperity. As Iraq continues to navigate economic reforms and development efforts, collaborations with esteemed institutions such as JP Morgan are critical in propelling the nation forward.