Iraq proposes IMF technical support to enhance financial sector expertise

Baghdad-INA

The Finance Minister Taif Sami discussed Iraq's proposal with the International Monetary Fund-IMF to provide a technical support program aimed at enhancing its financial sector with expertise.

Finance Minister Taif Sami participated in the Spring Meetings of the World Bank Group and the International Monetary Fund held in Washington, discussing global economic challenges, economic development, financial stability, and other related issues, alongside general sessions, seminars, and sideline consultations," According to a statement by the Media Office of the Ministry of Finance, received by the Iraqi News Agency (INA) .

The statement further noted that “the Finance Minister commenced her participation in the ministerial meeting chaired by the Managing Director of IMF, Kristalina Georgieva, attended by finance ministers and central bank governors from IMF member countries as the discussions centered around strategies to maintain macroeconomic stability and debt sustainability, as well as exchanging insights and experiences regarding economic reforms, institutional performance enhancement, climate change, and support for environmentally friendly projects,” the statement added.
 
The statement noted that "IMF members called for supporting the people of Gaza. The necessity for countries to implement reforms to strengthen their foundations was emphasized, including through institutional strengthening. In addition, countries can seize potential economic opportunities as trade patterns shift, by reducing long-standing trade barriers, diversifying products and markets and improving infrastructure."

He continued, "The agenda of the Iraqi delegation included participation in the meeting held with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, during which the possibility of enhancing Iraq's entry into special support programs to improve the performance of the financial sector in Iraq was highlighted, and sharing updates between the two sides by activating partnership with IMF”.
 
 
The statement also affirmed that “Minister Taif Sami held a coordination meeting with the head of the International Monetary Fund mission in Iraq, Jean-Guillaume, affirming that the meeting discussed prospects for Iraqi economic growth through the government's reform program aimed at enhancing growth in both the oil and non-oil sectors. In addition to efforts to improve the main infrastructure, such as the Al-Faw Port project, energy, agriculture, industry, transportation projects, and other projects with sustainable development dimensions.

He stated that “Sami held a meeting with Jihad Azour, the IMF Director of the Middle East and Central Asia Department, where the meeting discussed a range of economic issues and highlighted financial policy expectations, most notably Iraq's proposal to provide a technical (non-financial) support program from the IMF, through which Iraq's financial sector could be provided with expertise and specialsts in this field."
For his part, the regional representative stressed IMF commitment "to support all financial, banking and monetary reform programs adopted by the Iraqi government."

The statement further noted that ,” these annual meetings bring together central bank governors, finance and development ministers, private sector managers, representatives of civil organizations, and academics to discuss issues of global importance, including the global economic vision, poverty eradication, economic development, and aid effectiveness,” He also pointed out that 'this event is characterized by workshops, regional briefings, press conferences, and other activities focusing on the global economy, international development, and the global financial system.'"