Minister of Finance chairs an expanded meeting to organize and restructure banks, 14 JAN

Minister of Finance chairs an expanded meeting to organize and restructure banks

Friday, Minister of Finance, Taif Sami Muhammad, chaired an expanded meeting with representatives of the international company Ernst & Young, which specializes in auditing and financial consulting, to determine an action plan and initiate 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.

According to a statement by the ministry, “The meeting discussed the draft submitted by Ernst & Young relating to the organization and restructuring of the Rafidain and Rasheed banks and the merger of the National and Iraqi Insurance companies, and discussed the proposed plan and implementation stages, and determined the frameworks of the contract and drafted them in a way that suits the priorities of reform and development, as well as discussing the study submitted by Before the company, diagnosing the obstacles to transformation, and providing financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”

The Minister of Finance explained, “The Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the relevant international organizations,” adding that the process of merging, structuring, and introducing modern financial technologies will push towards making Iraqi banks acceptable internationally and locally and providing services to the government financial system and individuals. At the same time, determining the roles of the banks and subcommittees, and determining 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 them more consistent with the national economy that supports achieving sustainable economic development.”

The Minister of Finance stressed “the necessity of benefiting 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.”

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