OUTCOMES OF THE SUDANESE MEETING ON REFORMING THE RAFIDAIN AND RASHID BANKS , 27 MARCH

OUTCOMES OF THE SUDANESE MEETING ON REFORMING THE RAFIDAIN AND RASHID BANKS

Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to follow up on reform measures for the Rafidain and Rashid banks, with representatives from Ernst & Young in attendance.

The meeting reviewed the progress of the banking reform process adopted by the government to restructure and develop Rafidain and Rashid banks, and discussed revising their internal regulations to be in line with international standards and the objectives of banking reforms. It also discussed the debts of the two banks and their repayment mechanisms, as well as the measures taken to train their staff. In this regard, the Prime Minister directed the continuation of the reform process for the two banks, and for their administrations to develop strategies that contribute to accelerating the reform process.

 The meeting also followed up on the procedures for establishing a new bank, Rafidain First Bank, which was approved during the Cabinet session held on January 13. The bank’s vision is to adopt modern technologies and international standards that will help implement the government’s financial and banking reform objectives, which will have a positive impact on the country’s economic trajectory and development. 

Ernst & Young submitted a report reviewing the financial and technical offers for the project to establish the First Rafidain Bank.