US Treasury Support for Al-Sudani’s Reform Agenda in Iraq 2024
The US Treasury has shown strong support for Iraqi Prime Minister Mohammed Shia Al-Sudani's economic reform agenda aimed at enhancing the country's economic landscape. Al-Sudani’s media office highlighted that the Prime Minister received US Deputy Treasury Secretary Wally Adeyemo and several Treasury officials on Monday, where they discussed bilateral economic relations and reviewed government efforts and plans for economic and financial reforms.
Financial and Banking Reforms
Al-Sudani’s office stated that the government has made significant progress in financial and banking reforms. The country has completed 95% of banking transfers through the electronic platform, with the remaining 5% expected to be finalized by the end of the year. Following this, Iraq will transition to the correspondent banking system, aligning with the government’s commitment to enhancing the capacity of Iraqi banks to meet global standards and support the country's investment environment.
Economic Growth and US-Iraq Relations
Adeyemo praised Iraq’s progress in economic and banking reforms, noting the country’s 6% economic growth rate that aligns with the government's development efforts. He expressed readiness for cooperation and partnership to advance economic development. During his pivotal visit to the US in April 2024, Al-Sudani met with President Joe Biden and engaged with American businesses, the Iraqi community, and think tanks in Washington before heading to Houston to interact with US energy companies.
Security and Strategic Framework Agreement
The visit also covered security and strategic frameworks. The US and Iraq convened the Higher Coordinating Committee of the 2008 Strategic Framework Agreement, a critical framework for bilateral relations. Discussions included the US military presence in Iraq and US Treasury sanctions, as well as bilateral security, trade, economic, energy, and cultural ties.
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