On Tuesday, the Iraqi Private Banks Association said that it fully supports Prime Minister Mohammed Shia al-Sudani’s orders to localize salaries for private sector workers.
The Leader Overseer of the Iraqi Confidential Banks Affiliation, Ali Tariq, said in an explanation today, “We value the orders of the State head to restrict the pay rates of private area workers, and to move from involving money to electronic installments in government foundations in the following year in a total way. The government’s commitment to putting its financial and economic reform strategy into action is reflected in these instructions.
In addition to improving administrative efficiency, implementing automation in the majority of public and private institutions, and increasing financial security, he added that localizing the salaries of employees in the private sector in a manner that is comparable to those of employees in the public sector and activating electronic collection has a great deal of economic significance represented in increasing the rate of financial inclusion, improving transparency, supporting the digital economy, and increasing credit granted to the public.
In addition, Tariq emphasized that the Iraqi Private Banks Association is prepared to support any initiative aimed at modernizing and developing the financial sector infrastructure and that the association is committed to full cooperation with the country’s financial institutions and government agencies in order to achieve these objectives.
Tarek came to the following conclusion: “We believe that these steps will enhance the stability of the financial system and drive economic growth towards better levels, which will benefit individuals and institutions alike.”
Prime Minister Mohammed Shia Al-Sudani issued a directive on Monday directing the localization of private sector workers’ salaries in a manner comparable to that of state employees and announcing that cash payments from government institutions will cease in July of next year.
