Baghdad – WAA
Minister of Finance Taif Sami stressed, on Tuesday, the importance of completing plans to regulate the work of the government banking sector.
A statement by the ministry – received by the (INA) – said: “Minister of Finance Taif Sami chaired a coordination meeting with the international auditing and oversight firm Ernst & Young; to follow up on the ongoing technical plans to merge and organize the work of Rafidain and Rashid banks and insurance companies.”
He added, “During the meeting, which was attended by a number of the Ministry’s general managers and its formations, a report was presented by the auditing company on the final stages of its work with regard to regulating the work of the government banking sector, in addition to discussing the proposed plans and final stages of implementation in line with the priorities of reform and development.”
The Minister of Finance stressed – according to the statement – “the importance of implementing these measures as they contribute to enhancing confidence in the banking system and providing a stable financial environment that supports economic growth, which positively reflects on the national economy in general, achieving sustainable development and stimulating growth in various sectors.”
Sami explained, “The importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of regulating and restructuring financial institutions, as the ministry aims to make Iraqi banks internationally and locally acceptable to provide better services to citizens. The auditing company’s expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and regulating financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy.”
The statement continued, “Iraq is witnessing transformations in the government banking sector through the adoption of ambitious work programs to restructure government banks, aiming to enhance the efficiency of these banks, improve their services provided to citizens and companies, and strengthen financial suitability by increasing capital and diversifying sources of income, in addition to improving governance by applying high standards of transparency and accountability and adopting the latest banking technologies to provide more efficient services, as well as increasing confidence in the banking sector and thus attracting foreign investments.”