PM's priority visit to Washington is to activate the provisions of the strategic framework agreement

Baghdad - INA

The file for activating the strategic framework agreement is one of the top priorities of Prime Minister Muhammad Shiaa Al-Sudani’s visit to Washington, as this agreement includes 7 different areas, including the economic file, in which the government is working to formulate a monetary and financial policy capable of keeping pace with the challenges while following a new mechanism to regulate banking work. 

Strengthening financial partnership

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, told the Iraqi News Agency (INA): “The visit of Prime Minister Muhammad Shia al-Sudani to Washington is one of the most important visits in the history of diplomatic relations between Iraq and the United States of America, which will undoubtedly serve the interest of strengthening the fabric of bilateral relations between the two countries, whose starting point and objective basis remains the strategic framework agreement signed between Iraq and America since 2008 and ratified by the House of Representatives,” pointing out that “this visit will be an essential introduction to activating the investment climate and paths of economic cooperation in vital and important areas, foremost among which is the energy, science and technology sector, and encouraging major technology companies in the United States to take on their vital role in the fields of reconstruction and building productive economic partnerships with activities and branches of the national economy, especially the Iraqi private sector. 

He added, "Aspects of financial and banking cooperation will constitute an important pillar in supporting the efforts of the United States to support and strengthen the financial and banking market in Iraq, whose stability and growth are the objective basis for strengthening economic, trade, and investment ties between the two friendly countries," indicating that "this visit will be in the interest of the national economy and put in the at the same time, a road map will be clearer, more precise, and more consistent in shaping the future of relations between the two countries on positive, solid, long-term foundations.”

Drawing up financial policy

In turn, a member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, explained to the Iraqi News Agency (INA) that “the Prime Minister’s visit to Washington is important to formulate a financial policy based on the principle of balance so that Iraq has a loud voice and a negotiating party in the region and is not affected by external conflicts and highlights Iraq’s role in the region as a strong party.” Like other countries,” he noted, noting that “this issue is related to controlling the import and export mechanism and providing a safe environment to limit the process of tax evasion and the illegal introduction of materials into the country, and therefore Iraq must fulfill the requirements of international requirements.”

Financial cooperation

For his part, economic expert Ahmed Abd Rabbo told the Iraqi News Agency (INA) that “Prime Minister Muhammad Shiaa Al-Sudani carries on his agenda during the visit many files, especially the banking file, especially since the banking system is considered the front and any shock it is exposed to could negatively affect the economic system.” "stressing that the success of Al-Sudani’s visit will enhance cooperation in the banking field."

Development of banks 

In addition, financial expert Qusay Safwan confirmed to the Iraqi News Agency (INA) that “this visit will contribute to strengthening the economic and financial partnership and everything that is within the strategic framework agreement,” noting that “financial cohesion between the policies of the Central Bank and the US Federal Reserve will contribute to strengthening confidence in financial transfers carried out by Iraqi banks.”.

He continued, "Iraq needs to further consolidate the Iraqi economy by adhering to the dollar zone and developing Iraqi banks through partnership with international auditing companies, in a way that contributes to strengthening confidence in the Iraqi banking system, which the Prime Minister considers to be the starting point for the process of economic transformation towards diversification," explaining that "Iraq needs a partnership, finance, control of the borders, and strengthening the applied accounting systems, and these measures will enhance and preserve the value of the Iraqi economy and facilitate the end of the file of legal consequences that made it difficult for some banks to access the dollar as quickly as possible.”