Finance Minister Taif Sami revealed on Friday that there is a program to restructure government banks.
The Ministry of Finance said in a statement received by NRT Arabia, a copy of it, that “the Minister of Finance chaired an extensive meeting with representatives of the international company, Ernst and Young, who are concerned with auditing and financial consulting, in the presence of the general managers of Rafidain and Rashid banks, the Agricultural, Industrial and Real Estate Bank, and the national and Iraqi insurance companies, in order to determine an action plan and initiate the steps of integrating and organizing a number of the ministry’s institutions and restructuring them in line with the objectives of the policy of reforming the financial and banking sectors in the ministry.”
She added, “The meeting discussed the draft submitted by Ernst & Young related to the organization and restructuring of Rafidain and Rashid banks, the merger of the national and Iraqi insurance companies, discussing the proposed plan, the stages of implementation, determining the contract frameworks and formulating them in accordance with the priorities of reform and development, as well as discussing the study submitted by the company and diagnosing the obstacles of transformation, financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”
The Minister of Finance explained, according to the statement, “the Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the competent international organizations, adding that the process of integration, structuring and introduction of modern financial technologies will push towards making Iraqi banks internationally and locally acceptable to provide services to the government financial system and individuals at the same time determine the roles of banks and subcommittees and determine contract periods,” pointing out that “the ministry’s vision includes a comprehensive review and evaluation of the work of banks and conducting structural administrative reforms, involving providing a package of integrated banking services to citizens and companies and making them more in harmony with the national economy supporting sustainable economic development.”
Sami stressed “the need to benefit from the expertise of discreet international companies, which can play an effective and fundamental role due to their expertise and consultations in charting the correct course for projects implemented by the ministry in accordance with its financial policy conforming to international standards and specifications.”
The statement added that “Ernst & Young is one of the leading international companies, and has extensive experience and achievements in this field to organize the work of financial institutions and has a sober professional history through its review of many central banks, commercial banks and major companies in the region and the world.”
No comments:
Post a Comment