2024-01-12T17:18:03+00:00
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/ Today, Friday, the Ministry of Finance held an expanded meeting with representatives of the international company Ernst & Young, which specializes in auditing and financial consulting, in the presence of the general directors of the Rafidain and Rasheed banks, the Agricultural, Industrial and Real Estate Bank, and the National and Iraqi Insurance companies, in order to determine a work plan and initiate steps to merge and organize a number of the ministry’s institutions. And restructuring it in line with the objectives of the ministry’s financial and banking sector reform policy, according to a statement by the Ministry of Finance received by Agency.
The meeting, which was chaired by Minister Taif Sami, discussed; The draft submitted by Ernst & Young relating to the organization and restructuring of the Rafidain and Rasheed banks and the merging of the National and Iraqi Insurance companies, examining the proposed plan and implementation stages, defining contract frameworks and drafting them in a manner consistent with reform and development priorities, as well as discussing the study submitted by the company and diagnosing the obstacles to transformation and financial solutions and treatments. And the legal framework that guarantees the integrity of the merger and restructuring process.
The Minister of Finance explained that “the Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the relevant international organizations,” adding that the process of merging, structuring, and introducing modern financial technologies will push towards making Iraqi banks acceptable internationally and locally and providing services to the government financial system and individuals. At the same time, determining the roles of the banks and subcommittees, and determining contract durations.
Sami added, “The Ministry’s vision includes a comprehensive review and evaluation of the work of banks, and carrying out structural administrative reforms, which include providing a package of integrated banking services to citizens and companies and making them more consistent with the national economy that supports achieving sustainable economic development.”
The Minister of Finance stressed the need to benefit from the expertise of reputable international companies, which can play an effective and essential role due to their expertise and consultations in charting the correct path for the projects implemented by the Ministry in accordance with its financial policy that conforms to international standards and specifications.
Ernst & Young is considered one of the leading international companies, and has extensive experience and achievements in this field to regulate the work of financial institutions, and has a solid professional history through its review of many central banks, commercial banks, and major companies in the region and the world.