Baghdad
On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani stressed the necessity of carrying out reforms in the banking sector in order to achieve development in the country, ""while pointing out that the government is implementing projects that will achieve sustainable development"".
The Prime Minister’s media office said in a statement, seen by Al-News, that “Al-Sudani received, at his residence in the American capital, Washington, the President of JPMorgan Bank, Mr. Masha Klovoksy, and his accompanying delegation, and during the meeting, the government’s efforts in implementing financial and banking reforms were discussed.” In light of the path it is taking towards improving the economic situation and achieving ""development"", in addition to discussing the government’s measures to develop the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and encouraging private banks to open accounts with foreign banks to be correspondent banks, according to A plan aims to dispense with the electronic platform at the end of this year.”
Al-Sudani stressed, according to the statement, that “it is (not) possible to work in any development sector without reform steps for the banking sector, and the need to continue dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.”
For his part, Klovosky praised "the efforts of the Iraqi government to activate, develop and rehabilitate government and private banks, and its procedures in the field of providing assistance to private Iraqi banks," stressing "its support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership."
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Snippet:
Iraqi Gov. Issues Iraq Development Fund Regulation No. 3 / 2023
The Iraqi Government issued Iraq Development Fund Regulation No. 3 / 2023; it aims at improving investment environment in Iraq to be attractive so as to develop non-oil economic resources in Iraq; launch sustainable economic & social development, and find solutions to economic, social & environmental crises by relying on modern technology; attracting capital; employing private sector's funds in strategic, environmental & service projects, as well as developing human resources with skills suitable for the labor market & entrepreneurship.
To view the regulation of Iraq Development Fund in detail, please visit: https://moj.gov.iq/view.7359/
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Masha Gloukhovski
Board member
Managing Director and Head of Global Sovereign Advisory Group at the multi-national investment bank, JP Morgan. Masha brings 20 years of experience in sovereign advisory and balance sheet analysis, advising governments globally on ratings management, credit positioning, targeted strategy building, fiscal policy optimisation, and most recently ESG. Masha is a strong proponent of diversity, spearheading initiatives for the firm’s EMEA Investment Banking Diversity and Inclusion Council. Growing up, Masha was a competitive swimmer at the Russian Olympic Reserve School.
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It is not surprising that articles get thing our oof sort soem times. Is this one of those that are out of place and wrong? lol ~ Regardless the point is that JPMorgan is involved and that is where it stands. Sustainable economic and social development is the focus now. They are gearing for a big move on both counts.. I am looking forward to them too.. ~ MM | | | |
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