The Prime Minister, Ali Falah Al-Zaydi, confirmed today, Friday, that Iraq is witnessing a new phase of economic transformation and financial and banking reform.
A statement from Al-Zaydi's media office received by the News Video Agency stated that "Iraq's permanent mission to the United Nations in New York hosted yesterday, Thursday Baghdad time, a roundtable for representatives of a group of American banks and financial institutions, as well as a number of officials and specialists in economic and financial matters and representatives of Iraqi banks."
The Prime Minister said in his speech during the meeting, according to the statement, that "Iraq is witnessing a new phase of economic transformation and financial and banking reform," pointing out that "the weakness of the Iraqi banking system in recent years has been linked, in part, to its limited openness and communication with the international banking system, especially American banks."
Al-Zaydi called on American banks and financial institutions to participate in building a new economic future for Iraq, emphasizing that "the entry of American banks into the Iraqi market will represent a qualitative leap in developing the banking sector, enhancing its relationship with the global financial system, and improving the efficiency of financial and investment transactions."
The Prime Minister pointed out that "Iraq is currently producing about (4.5) million barrels of oil per day, and the government's policy aims to increase production levels to (10) million barrels per day, as part of a vision that targets maximizing resources and employing them in development and diversifying the economy."
Al-Zaydi also confirmed Iraq's openness to American and global companies and banks, and the government's work to provide an attractive investment environment and offer necessary facilities to investors, stating that "American banks have vast opportunities to participate in the Iraqi economy and finance projects and investments across various sectors."
He added: "The government also looks forward to an effective partnership with American financial institutions and banks, which contributes to the development of the Iraqi banking sector, and connects the Iraqi economy more effectively to the global financial and economic system."
The Prime Minister explained that "the government has set a clear starting line for economic, financial, and banking reform, and has begun a comprehensive reform plan for government banks, which enhances their efficiency, raises the level of governance and compliance, and establishes a banking sector capable of keeping pace with the requirements of the modern economy."
He confirmed that "anti-corruption measures and the protection of public funds are moving in the right direction, as the government works to strengthen systems and procedures that ensure the protection of state funds and elevate the level of transparency and governance."