US Treasury backs Iraqi economic reforms and banking sector

Shafaq News/ US Deputy Treasury Secretary Wally Adeyemo reaffirmed support for the Central Bank of Iraq (CBI) and Prime Minister Mohammed Shia Al-Sudani's reform agenda aimed at improving the country's economic landscape.

Al-Sudani’s media office stated that the Prime Minister received Adeyemo and several Treasury officials on Monday.

“The meeting focused on discussing bilateral economic relations between the two countries across various vital sectors. They also reviewed the government’s efforts and plans for economic and financial reforms, the efforts for diversifying Iraq’s sources of national income, and enhancing development objectives, along with the practical measures implemented in combating money laundering.”

The PM emphasized that the government has made significant progress in financial and banking reforms, completing 95% of banking transfers through the electronic platform, with the remaining 5% to be finalized by the end of this year. Following this, the transition will be made to the correspondent banking system, in line with the government’s approach and its commitment to enhancing the capacity of Iraqi banks to meet global standards and support Iraq’s thriving investment environment, as per the media office.

For his part, Adeyemo praised Iraq’s progress in economic and banking reforms achieved in record time, highlighting the 6% economic growth rate that aligns with the government's development efforts. He expressed readiness for cooperation and partnership to advance economic development.