US Deputy Treasury Secretary Wally Adeyemo confirmed the Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform program to improve the economic situation in the country.
Ademo met with Al-Sudani on the sidelines of the UN General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit finance, according to a statement from the US Treasury.
The statement said that the Deputy Secretary of the Treasury praised the 6% growth of the non-oil economy in Iraq.
The statement added that Ademo asked Al-Sudani about the steps he is taking to diversify the Iraqi economy away from hydrocarbons.
US Deputy Treasury Secretary Wally Adeyemo noted Iraq’s “significant” progress in reforming its banking sector, which has expanded Iraq’s international financial connectivity and increased financial inclusion.
Meanwhile, Al-Sudani’s media office said in a statement today that the meeting discussed bilateral economic relations between the two countries in various vital sectors, reviewed the government’s efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.
The statement quoted the Prime Minister as saying: The government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, with less than 5% remaining to be completed by the end of this year.
He added, “After that, the transition will take place to the correspondent banking system, in accordance with the government’s approach and its commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.”
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