Iraq’s PM Calls for One-Month Plan to Revamp Government Banks
Prime Minister, Mohammed Shia ‘Al-Sudani, has issued a directive to the directors of government banks to present a development plan within one month. This bold move signifies a determined effort to enhance banking operations, including the optimal use of financial, human, and technological resources. It also marks a significant shift from paper-based to electronic work, and from manual to online transactions for all banking activities.
Conception of a Comprehensive Vision
The Prime Minister stressed the need for a comprehensive vision for banks in granting credit facilities and loans as well as developing work mechanisms. This includes the use of control and supervision tools to guarantee efficiency and reduce the potential for loss or fraud. The banking reform the government seeks to achieve is fundamentally reliant on this vision.
Performance-Based Evaluation
Al-Sudani confirmed that the bank directors would be evaluated based on their application of the plan and the level of achievement. This performance-based assessment will ensure that those at the helm of the banking sector are held accountable for its advancement. It is a clear message that results and progress are expected and will be critically reviewed.
International Expertise for Growth
Lastly, the Prime Minister directed the banking administrations to draw upon international expertise by contracting specialized consultants in banking and financial work. This move, which includes the development plan presented by Ernst & Young for the restructuring of Rafidain Bank, indicates a commitment to adopting global best practices and standards in the banking sector in an effort to scale up growth and development.
https://bnn.network/finance-nav/iraqs-pm-calls-for-one-month-plan-to-revamp-government-banks/
No comments:
Post a Comment