Iraq is moving forward with plans to restructure state-owned banks and reform the insurance sector as part of its wider financial reform program.
The discussions were held at the Ministry of Finance and chaired by Finance Minister Taif Sami Mohammed. Representatives from Ernst & Young took part, along with senior officials from the ministry and state-owned banks.
During the meeting, officials reviewed progress on restructuring Rafidain Bank and Rasheed Bank, following recommendations from international consultants. The talks also covered preparations for launching the First Rafidain Bank and upgrading Iraq’s financial information systems.
Several key issues were discussed, including:
- Timelines for implementing financial sector reforms
- Updating banking procedures to meet international standards
- Final stages of restructuring Rafidain and Rasheed banks
- Plans to merge the National Insurance Company and the Iraqi Insurance Company
- Adopting International Financial Reporting Standards (IFRS)
- A restructuring roadmap for the Industrial Bank
- Expanding automation and digital financial systems
The meeting also focused on technical support and staff training to make sure the reforms last and deliver real results. Ernst & Young reaffirmed its support for the Ministry of Finance, praising efforts to modernize banking institutions and improve auditing and financial operations across Iraq.
