November 7, 2006
HP-161

Treasury Deputy Secretary Kimmitt Travels to Asia to Discuss International Compact with Iraq

Washington, D.C. – Treasury Deputy Secretary Robert M. Kimmitt traveled to Asia this week to continue consultations on the International Compact with Iraq. The Compact is an initiative launched by the UN and Iraq, to help Iraq realize its vision of a stable and prosperous nation underpinned by a self-sustaining economy. The Compact will embody commitments by Iraq on a plan to achieve economic self-sufficiency in return for international support during this period of economic reform and transition.

"We commend Iraq for its commitment, as part of this Compact, to take a series of steps to achieve objectives in economic and reconstruction areas," said Deputy Secretary Kimmitt when the Compact was launched earlier this year.

Kimmitt led a U.S. delegation to Kuwait City last week for a meeting on the Compact with Iraqi officials and representatives from 20 countries and regional and multilateral institutions, including the UN, IMF and World Bank.

Additional information on the Compact can be found at: www.iraqcompact.org.

While in Tokyo on Nov. 7, Kimmitt met with government officials including Finance Minister Omi and Foreign Minister Aso, as well as with members of the financial community. The Deputy Secretary will travel to Seoul on Nov. 8 and spend Wednesday and Thursday there meeting with government officials including Deputy Prime Minister and Finance Minister Kwon, Presidential Senior Secretary Min-soon and Ministry of Foreign Affairs and Trade Vice Minister Yungwoo.