Deputy Treasury Secretary Wolin Visits Middle East - Additional Details Released
WASHINGTON – The U.S. Department of the Treasury today announced additional details regarding Deputy Treasury Secretary Neal Wolin's trip to the Middle East February 9-17, 2010. Over the course of his visits to Afghanistan, Pakistan, Saudi Arabia, the United Arab Emirates (UAE), and Kuwait, the Deputy Secretary will meet with senior government officials, regulators, and members of the private sector to discuss a range of issues including stabilizing and growing regional economies, improving the security of the financial system, and adopting a development strategy that invests in education and expands employment opportunities for youth and women.
(Media-Newswire.com) - WASHINGTON – The U.S. Department of the Treasury today announced additional details regarding Deputy Treasury Secretary Neal Wolin's trip to the Middle East February 9-17, 2010. Over the course of his visits to Afghanistan, Pakistan, Saudi Arabia, the United Arab Emirates ( UAE ), and Kuwait, the Deputy Secretary will meet with senior government officials, regulators, and members of the private sector to discuss a range of issues including stabilizing and growing regional economies, improving the security of the financial system, and adopting a development strategy that invests in education and expands employment opportunities for youth and women.
Afghanistan On Wednesday, February 10, Deputy Secretary Wolin arrived in Kabul, Afghanistan, to meet with senior government officials to discuss a range of issues, including strategies for combating illicit financing, continuing on the path of sustainable economic growth, including increasing fiscal responsibility, and increasing financial transparency. Later, the Deputy Secretary met with Central Bank Governor Fitrat to discuss financial transparency and good governance. On Wednesday afternoon, Wolin delivered remarks at the American University of Afghanistan on the importance of building Afghanistan's economic and governing capacities, encouraging civilian engagement, and educating future generations to help secure the future of Afghanistan as a stable, free, and economically independent member of the community of nations.
"The U.S. Treasury has made building and reforming the system of public financial management in Afghanistan a priority. There is much work still to do, but – again – there has been progress," said Deputy Secretary Wolin. "The government has begun implementing a revenue action plan with measures aimed at limiting corruption. The Ministry of Finance has gained authority to audit specific ministry expenditures. And for its part, the United States and the international community have committed to channeling a greater proportion of foreign aid directly into the Afghan national budget."
While at the University, he also participated in a Q&A with students.
On Thursday, February 11, Deputy Secretary Wolin met in Kabul with members of the Afghan Threat Finance Cell, a joint operation led by the Drug Enforcement Agency, with the Department of the Treasury and the Department of Defense serving as co-deputies, focused on identifying and stopping the flow of funds to illicit financial activities.
Later that day, the Deputy Secretary met with Afghan Finance Minister Zakhilwal to discuss strategies for promoting sound economic policymaking, combating illicit financing, strengthening systems of public financial management, and increasing financial sector development and transparency. He then had lunch with Minister Zakhilwal as well as the Minister for Rural Rehabilitation and Development, Minister Jarullah Mansoori, and other Afghan officials.
In his meetings with the Afghan Central Bank Governor and members of the Afghan Threat Finance Cell, the Deputy Secretary was joined by Assistant Secretary for Terrorist Financing David Cohen, who also participated separately in meetings with members of the banking industry while in Kabul.
Pakistan On Friday, February 12, Deputy Secretary Wolin and Assistant Secretary for Terrorist Financing David Cohen met in Islamabad, Pakistan, with Finance Minister Shaukat Tarin to discuss ways to increase revenues to improve fiscal sustainability and increase growth of the economy, including through expanding the reach of the banking sector throughout Pakistan, and reforms to the electricity sector to increase energy supplies.
Also on Friday, the Deputy Secretary met with Prime Minister Syed Yousuf Raza Gilani, where he reiterated the commitment of the United States to the people of Pakistan and in support of economic development, and urged the Government of Pakistan to maintain momentum on key economic reforms – in particular: increasing revenues and reforming the electricity sector. Taking action against the financiers of terrorism and supporters of extremism was also a major theme of the Deputy Secretary's visit.
"Like any nation, Pakistan is the driver of its own destiny. Challenges will inevitably arise – oil price fluctuations, international demand disruptions, and security disturbances. But every step toward reform is a step away from vulnerability and dependence on foreign assistance and a step toward stability, opportunity, and prosperity. In continuing on this road, the people of Pakistan will have a steadfast partner in the United States," said Deputy Secretary Wolin in an op-ed published Friday in the Pakistani daily, Business Recorder.
Saudi Arabia On Saturday, February 13, Deputy Secretary Wolin will arrive in Riyadh, Saudi Arabia, for meetings with Saudi Finance Minister Ibrahim Al Assaf and Saudi Arabia Monetary Agency ( SAMA ) Governor Muhammad Al-Jasser. They will discuss issues highlighted in the G-20, including the commitment to developing a framework for strong, sustainable, and balanced growth and the continued need for international financial reform.
On Sunday, February 14, Deputy Secretary Wolin will be in Jeddah, Saudi Arabia to deliver remarks at the Jeddah Economic Forum during the "Global Economic Governance after the Crisis" session.
"The architecture of global economic governance has shifted," Deputy Secretary Wolin will say. "The narrow, exclusive structure that defined the last half-century has given way to a more diverse, more inclusive architecture. We have moved, one might say, from the tower to the tent. And the importance of coordinated international action within this broad system of global economic governance is clearer today than at any time in recent memory. As a result of this shift, I believe that we now have a better potential to confront the most difficult economic challenges facing the world today."
Later that day, Wolin will depart Jeddah for Abu Dhabi in the UAE.
Abu Dhabi, UAE On Monday, February 15, Deputy Secretary Wolin will meet with Central Bank Governor Sultan bin Nasser al Suweidi. He also will meet with officials from the Ministry of Foreign Trade, including Sheikha Lubna al Qasimi, and officials from the Foreign Ministry. The Deputy Secretary also will visit the Abu Dhabi Investment Authority ( ADIA ) and the Abu Dhabi Investment Council ( ADIC ) for meetings.
In the afternoon, Deputy Secretary Wolin will hold a roundtable discussion focused on empowering young Emirati men and women to pursue meaningful private sector employment opportunities that deliver long term contributions to the economic growth and enterprise base of the country. The Deputy Secretary will be joined by representatives from leading Abu Dhabi organizations spearheading initiatives to create such opportunities.
Dubai, UAE On Tuesday, February 16, Deputy Secretary Wolin will be in Dubai, UAE, for meetings with senior officials including Minister of Cabinet Affairs Mohammed al Gergawi, Chairman of Emirates Airlines and head of Dubai Supreme Fiscal Committee H.H. Ahmed bin Saeed, CEO of the Investment Corporation of Dubai Mohammed al Shaibani, and Governor of the Dubai International Financial Centre Ahmed al Tayer.
In collaboration with the Dubai School of Government, Deputy Secretary Wolin will host a discussion for students, research fellows, young alumni, entrepreneurs, and members of Young Arab Leaders on the state of the global economy in the wake of the financial crisis and the importance of cooperation between the U.S. and the Arab world.
Kuwait On Wednesday, February 17, Deputy Secretary will be in Kuwait City, Kuwait, for meetings with senior officials including Minister of Finance Mustafa al-Shamali, Central Bank Governor Sheikh Salem Abdulaziz Al-Sabah, Kuwait Investment Authority Managing Director Bader Al-Saad, and Economic Advisor to the Amir, Dr. Yousef Al-Ibrahim, to discuss the global response to the economic crisis, efforts to reform the financial system, and the importance of combating terrorist financing.
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