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What is new in the economic dimension of the Washington visit?
Iraq 04/18/2024
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The recent visit of the Prime Minister to the United States of America emerged from a set of data on the economic level, which seem familiar and mentioned in previous visits of his former prime ministers, meetings with businessmen, meetings with American organizations concerned with economic affairs, promises to provide grants, including what the American company will provide to finance International Development loan amounting to $50 million, through the United States Agency for International Development, to the National Bank of Iraq to expand loans for small and medium enterprises, meetings with Iraqi businessmen, protocols related to knowledge exchange and transfer of expertise, etc., may have constituted the US President’s praise of the Prime Minister’s policies aimed at achieving... Independence in the energy file and its attempts to achieve financial reform are a somewhat new addition.
It appears to the economic observer of the visit event that the compass of American interest is directed towards two axes: the energy sector in Iraq and the emphasis on its independence, especially by urging and supporting natural gas investment and emphasis on the Kurdistan Region’s gas fields, with blessings for the efforts of electrical interconnection with neighboring countries (the Gulf and Jordan). As for the axis The second is represented by the financial and banking sector, and the problems and interactions that this sector includes. The American discourse was towards praising the measures taken by the government during the past period to try to recharacterize this sector at the level of the financial policies followed in it, and attempts to automate financial work and its governance, in addition to restructuring institutions. Finance in a way that helps it keep pace with developments in financial work, all of which is topped by the call to combat corruption in these two sectors as a necessary condition for achieving any progress.
In light of these data, it seems clear to the economic analyst the impact of political factors and the nature of the conflict in the region between the poles on determining the compass of American interest in the Iraqi economic file. There are statements and reports throughout the past years that directly indicate that the corruption and defect in the financial work of the Iraqi economy has resulted in negative consequences. It is relatively large for the countries sanctioned by the United States of America, not to mention the volume of trade with them, especially Iran, in addition to the energy file and the import of gas from them, which we recently witnessed the Ministry of Electricity signing a contract to supply gas from Iran for a period of five years.
The new, old challenge that the Iraqi government faces lies in the process of balancing the economic relations between Iran, as a third-ranking trade partner in terms of importance, and the shadow of its influence on the Iraqi internal reality is very large, and the other hand represented by the American side that is the main supporter of the political system in Iraq. This challenge is The main factor in most of the problems that these two sectors suffer from is the lack of the ability of successive Iraqi governments to present an independent project that is strongly presented to both sides of the conflict (Iran and the United States of America), to represent a special national agenda.
The success of the current government in dealing with important files, especially the energy sector and the financial sector, lies in exploiting all forms of support that are supposed to be provided by any party, such as procedures for automating financial operations, communication with international banks, governance of window procedures, etc., and that there be a clear position towards corruption lobbies. And to present an image to the American side of the importance of the relationship with neighboring Iran, provided that all of these relations are guided by the centrality of the Iraqi economic issue, meaning that a message is conveyed to the Iranians of the priority of the Iraqi economic issue.
The issue is difficult in light of the nature of the fragility that the Iraqi state is experiencing, but conditions are necessary to ensure that this visit leads to different results and does not go unnoticed like its predecessors.
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