Al-Sudani urges development plan for government banks, 14 NOV

 Al-Sudani urges development plan for government banks

Shafaq News / Iraqi Prime Minister Mohammed Shia al-Sudani directed the directors of government banks on Tuesday to present a plan within one month for the advancement of bank operations.

According to a statement from his office, al-Sudani presided over a meeting earlier today with the Minister of Finance, the Central Bank Governor, and the directors of government banks. During the meeting, they reviewed the mechanisms and measures undertaken in the administrative and banking reforms initiated by the government, which are among the priorities of the comprehensive economic reform in the country.

The statement added that al-Sudani instructed all directors of government banks to prepare a plan for the enhancement of bank operations within one month. This plan aims to optimize financial, human, and technological resources, transition from paper-based work to digitization, expand electronic payment services, devise a comprehensive vision for facilitating credit and loans, and upgrade operational mechanisms including regulatory and oversight tools.

Al-Sudani emphasized that the bank directors will undergo performance evaluations based on the implementation of this plan and the extent of accomplishments.

The Prime Minister emphasized that genuine reform, a government commitment, hinges on banking reform. He affirmed the government's determination to make bold decisions to execute these reforms to improve the investment environment and enhance both public and private sectors.

The meeting discussed the implementation of a comprehensive banking system utilizing advanced electronic programs and modern technology in all banking transactions. It also deliberated on the development plan presented by the international company, Ernst & Young, concerning the restructuring of the Rafidain Bank. This restructuring aims to ensure the bank's improvement and provision of integrated banking services to citizens and companies, matching international standards. Additionally, the Prime Minister instructed bank administrations to seek international expertise by contracting specialized consultants in banking and finance to bolster their operations.

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