Sudanese: We Are Proceeding With Financial And Banking Reform Steps, 20 JAN

 Sudanese: We Are Proceeding With Financial And Banking Reform Steps

Posted On 01-19-2024 By Sotaliraq  01/18/2024   Prime Minister Muhammad Shiaa Al-Sudani said that Iraq is proceeding with financial and banking reform steps, while the World Bank announced its support for the government’s measures in the field of modernizing and developing the banking sector, especially with regard to implementing the electronic payment system.

On the sidelines of his participation in the Davos Economic Forum, Al-Sudani met with the President of the World Bank Group, Ajay Banga, and discussed with him the cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans towards more investment and development opportunities in Iraq.

The meeting also witnessed, according to a statement by the Prime Minister’s Office, a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.

Al-Sudani pointed out “the importance of World Bank reports reflecting, realistically, the new government’s policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.”

For his part, Banga praised the government's measures in the field of modernizing and developing the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system.

The Prime Minister also met in Davos with Khaled Hoballah, the regional CEO of JP Morgan for the Middle East and North Africa.

The meeting witnessed the discussion of prospects for cooperation in the financial fields, and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government’s efforts to adopt electronic payment applications in the Iraqi markets.

They also discussed coordinating technical efforts between the Central Bank of Iraq and J.P. Morgan in establishing Ideas related to trading central bank digital currencies.

Al-Sudani pointed to “Iraq’s aspiration towards the bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq,” stressing that “Iraq is proceeding with financial and banking reform steps, in a way that helps develop this vital sector.”

For his part, Hoballah expressed JPMorgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector, confirming the bank’s intention, as a first stage, to open accounts for three private Iraqi banks.

The Prime Minister, Muhammad Shiaa Al-Sudani, met in Davos with the Secretary-General of the North Atlantic Treaty Organization (NATO), Jens Stoltenberg, and during the meeting, they discussed the prospects for cooperation between Iraq and the alliance and ways to strengthen the partnership in the security field, exchange information, track terrorist networks, and reveal their sources of funding.

The meeting also touched on the file of ending the presence of the international coalition forces in Iraq, which the government included in its ministerial curriculum, after the development achieved by the Iraqi forces in terms of preparation and full readiness, and the importance of agreeing on executive steps to arrange the end of its mission through bilateral dialogues, ensuring a smooth transition of its duties. .

The Prime Minister appreciated “the efforts of the NATO countries and their support for Iraq, through military operations in the war against ISIS terrorist gangs, and in the field of providing advice and training to the Iraqi security forces.”

Al-Sudani added, “Iraq does not mind cooperating with the countries of the international coalition in the field of armament, training, and equipment, within the framework of bilateral relations that bring together Iraq and the countries of this coalition.”  LINK