Baghdad, JP Morgan discuss banking, financial reforms

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Baghdad, JP Morgan discuss banking, financial reforms

Recently, the Iraqi Prime Minister, Mohammed Shia Al-Sudani, met with Daniel Zelikow, the Chair of the Governing Board of the JP Morgan Development Finance Institution (DFI), to discuss the government’s efforts to implement banking and financial reforms.

According to the Prime Minister’s Office (PMO), the two parties met last week during Al-Sudani’s official visit to the United States. During that meeting, they discussed the measures taken by the Iraqi government to advance development and improve the economy of Iraq.

The Iraqi Prime Minister discussed the steps taken to establish government banks, demonstrating that the government collaborated with international banking reform consulting firms.

Al-Sudani emphasized the significance of maintaining collaboration with the United States Department of the Treasury, the United States Federal Reserve, the International Monetary Fund (IMF), and various other international financial institutions.

Zelikow praised the Iraqi government’s procedures for assisting private Iraqi banks, as well as its efforts to activate, develop, and rehabilitate government and private banks.

The official at JP Morgan also emphasized the bank’s support for the Iraq Development Fund’s initiatives and its willingness to assist with training and partnerships.

Al-Sudani discussed JP Morgan’s potential involvement in the Iraqi government’s efforts to adopt electronic payment applications in Iraqi markets in a January meeting held on the sidelines of his participation in the World Economic Forum in Davos, Switzerland.

The two parties looked at the technological efforts made by the Central Bank of Iraq (CBI) and JP Morgan to come up with ideas for central banks to trade digital currencies.

The Iraqi Prime Minister made it clear that his government is eager for the Iraq Development Fund and JP Morgan to collaborate more closely. Additionally, he emphasized that Iraq is making progress toward banking and financial reform in a manner that would encourage the expansion of this vital sector.