Minister of Finance chairs an expanded meeting to organize and restructure banks

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Minister of Finance chairs an expanded meeting to organize and restructure banks

On Friday, the Minister of Finance, Taif Sami Muhammad, led a meeting with representatives from Ernst & Young, an international company specializing in auditing and financial consulting. The purpose of the meeting was to discuss an action plan and take steps to merge and organize several institutions within the Ministry. The goal is to restructure these institutions according to the objectives of the Ministry’s financial and banking sector reform policy.

The Ministry recently released a statement mentioning that a meeting was held to discuss the draft submitted by Ernst & Young. The draft was related to the restructuring and organization of Rafidain and Rasheed banks, as well as the merger of National and Iraqi Insurance companies. During the meeting, the proposed plan and implementation stages were discussed, and frameworks of the contract were drafted to suit the priorities of reform and development. Additionally, the conference also covered the study submitted by the company, which diagnosed obstacles to transformation and provided financial and legal solutions to ensure the integrity of the merger and restructuring process.

The Minister of Finance has announced that the Ministry is collaborating with the Central Bank of Iraq and relevant international organizations to restructure government banks. The goal of this program is to merge, reorganize and integrate modern financial technologies in order to improve the acceptability of Iraqi banks both internationally and locally. This will also enhance the provision of government financial services and services for individuals. The program will also determine the roles of banks and subcommittees and the duration of their contracts.

Sami stated, “The Ministry aims to conduct a thorough review and assessment of the banking sector’s operations. This will involve implementing structural and administrative reforms, such as offering a range of comprehensive banking services to citizens and businesses. These services will be aligned with the national economy, which will facilitate the achievement of sustainable economic growth.”

The Minister of Finance emphasized the importance of utilizing the expertise of renowned international companies which can play a vital and effective role due to their consultations and knowledge in determining the right course of action for the projects undertaken by the Ministry. These projects should comply with the Ministry’s financial policies that adhere to international standards and specifications.