The Minister of Finance, Taif Sami Muhammad, chaired today, Friday, an expanded meeting with representatives of the international company Ernst and 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 with steps to merge and organize a number of the Ministry’s institutions and restructure them in line with the objectives of the Ministry’s financial and banking sector reform policy.
The meeting discussed the draft submitted by the company, related to organizing and restructuring Al-Rafidain and Al-Rashid Banks and merging the National and Iraqi Insurance Companies, and discussing the proposed plan and implementation stages, defining contract frameworks and drafting them in a way that is consistent with reform and development priorities, as well as discussing the study submitted
by the company and diagnosing the obstacles to transformation, solutions and financial treatments and legal matters that ensure the soundness of the merger and restructuring process.
The Minister of Finance explained that ‘the Ministry has a program to restructure government banks, and it is working on it in cooperation with the Central Bank of Iraq and the relevant international organizations,’ indicating: ‘The process of merging, structuring, and introducing modern financial technologies will push towards making Iraqi banks internationally and locally acceptable and responsible for providing services to the government finances system and individuals simultaneously, determining the roles of banks and subcommittees, and specifying 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 th
em more consistent with the national economy that supports achieving sustainable economic development.’
She 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./End
Source: National Iraqi News Agency