(MENAFN- Iraq Business News)
By John Lee.
Iraqi Prime Minister Mohammed S. Al-Sudani met with a delegation from J.P. Morgan bank , including Daniel Zelikow, Vice Chair, and Mr. Ghali Laraki, Head of MENA Public Sector Group.
The meeting focused on supporting Iraq's banking sector, the Central Bank of Iraq (CBI) , and the private sector. Discussions also touched on international trade, risk management, and expanding non-oil revenues through financial and administrative reforms.
The Prime Minister acknowledged J.P. Morgan Bank's role in establishing the Trade Bank of Iraq (TBI) , which facilitates Iraq's international commerce. He expressed support for J.P. Morgan Bank opening branches in Iraq and emphasized the government's readiness to assist international banks operating in the country. The Prime Minister stressed the importance of ongoing support to the Central Bank of Iraq and the Industrial Bank , with the aim of transforming it into a qualified institution for development and investment, similar to the success of the Iraqi Trade Bank.
Prime Minister Al-Sudani highlighted the government's efforts to reform Iraq's banking system, covering both the public and private sectors. These reforms aim to address fund movement issues, strengthen global trade, and combat money laundering in line with international standards. He also mentioned the achievement of establishing a three-year federal budget, a first in Iraq's history, which will support the private sector through initiatives like the Iraqi Fund for Development and various agricultural and industrial projects.
Full text of the statement from the Media Office of the Prime Minister:
Prime Minister Mr. Mohammed S. Al-Sudani met today with a delegation from J.P. Morgan Bank, which included Mr. Daniel Zelikow, Vice Chair, and Mr. Ghali Laraki, Head of MENA Public Sector Group.
During the meeting, Prime Minister Mohammed S. Al-Sudani and the J.P. Morgan Bank delegation discussed support for Iraq`s banking sector, the Central Bank of Iraq, and the private sector. They also addressed topics such as international trade, risk management, and the government`s priority of expanding non-oil revenues through financial and administrative reforms.The Prime Minister acknowledged the significant role played by J.P. Morgan Bank in establishing the Trade Bank of Iraq (TBI), which currently serves as Iraq`s primary gateway to international commerce. Emphasizing Iraq`s imminent large-scale reconstruction efforts across all sectors.
The Prime Minister welcomed the idea of J.P. Morgan Bank opening branches in Iraq. He emphasized the government`s preparedness to extend support to international banks operating in the country, as they play a crucial role in providing investor guarantees and fortifying the banking system. The Prime Minister also called for ongoing support to the Central Bank of Iraq and the enhancement of the Industrial Bank, enabling it to become a qualified institution for development and investment, similar to the success achieved by the Iraqi Trade Bank in the past.
Mr. Al-Sudani emphasized the government`s ongoing efforts to reform Iraq`s banking system, encompassing the public and private sectors. These reforms aim to address issues related to fund movement, bolster global trade, and combat money laundering in accordance with international standards. He highlighted the government`s significant achievement of establishing a three-year federal budget, a first in Iraq`s history, which will provide support to the private sector through initiatives like the Iraqi Fund for Development and various agricultural and industrial projects.
(Source: Media Office of the Prime Minister)