Baghdad, JP Morgan discuss banking, financial reforms
JP Morgan’s building in London. Photo: JP Morgan
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, recently discussed the government’s efforts towards financial and banking reforms with the Chair of the Governing Board of the JP Morgan Development Finance Institution (DFI), Daniel Zelikow.
The two sides met last week during Al-Sudani’s official visit to the United States, where they talked about measures adopted by the Iraqi government to improve the Iraqi economy and achieve development, according to the Prime Minister’s Office (PMO).
The Iraqi Prime Minister talked about the steps taken to develop government banks, illustrating that the government reached agreements with international consulting companies specializing in banking reform.
Al-Sudani highlighted the need to continue cooperating 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.
JP Morgan’s official also stressed the bank’s support for the initiatives of the Iraq Development Fund and its readiness to offer assistance in training and going into partnerships.
Last January, during a meeting on the sidelines of his participation in the World Economic Forum held in Davos, Switzerland, 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.
The Iraqi Prime Minister indicated that his government is eager to see JP Morgan and the Iraq Development Fund work together more closely. He also emphasized that Iraq is making progress toward banking and financial reform in a way that would support the growth of this important industry.