JP Morgan And Baghdad Discuss Banking Reforms

(CTN News) – A recent meeting between Iraqi Prime Minister Mohammed Shia Al-Sudani and the Chair of the Governing Board of the JP Morgan Development Finance Institution (DFI), Daniel Zelikow, focused on the government’s efforts to reform the financial and banking sector.

During Al-Sudani’s official visit to the United States last week, the two sides discussed measures taken by the Iraqi government to improve the Iraqi economy and achieve development, according to the Prime Minister’s Office (PMO).

In his remarks, the Iraqi Prime Minister highlighted the steps taken to develop government banks, showing that the government had reached agreements with international consulting firms that specialize in banking reforms.

As part of Al-Sudani’s remarks, the US Department of Treasury, the US Federal Reserve, the International Monetary Fund (IMF), and other international financial institutions must continue to cooperate.

As part of his remarks, Zelikow praised the efforts of the Iraqi government in activating, developing, and rehabilitating government and private banks, as well as its procedures for providing assistance to privately owned banks in Iraq.

The bank’s official also emphasized that the bank supports the initiatives of the Iraq Development Fund and is ready to provide assistance in the form of training and partnership opportunities.

During a meeting on the sidelines of the World Economic Forum in Davos, Switzerland, Al-Sudani discussed JP Morgan’s possible participation in Iraqi efforts to adopt electronic payment applications.

A review of the Central Bank of Iraq (CBI) and JP Morgan’s technological efforts to generate concepts for central banks to trade digital currencies was conducted by the two parties.

According to the Iraqi Prime Minister, his government is eager to enhance collaboration between the Iraq Development Fund and JP Morgan.

As well as emphasizing the importance of supporting the growth of this important industry, he noted that Iraq is making progress towards banking and financial reforms.

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