Baghdad: Prime Minister Mohammed Shia al-Sudani has directed the preparation of plans to expedite the reform process of Rafidain and Rashid banks in accordance with international standards. A statement from his media office revealed that al-Sudani chaired a meeting on Sunday aimed at following up on the reform measures at these banks, which was attended by representatives of Ernst and Young.

According to National Iraqi News Agency, the meeting was a platform to review the progress of the banking reform process adopted by the government to restructure and develop Rafidain and Rashid banks. Discussions emphasized the need to review their internal regulations to ensure alignment with international standards and the objectives of banking reform. The meeting also addressed the banks’ debts, repayment mechanisms, and measures taken to train their staff. The Prime Minister directed the continuation of the reform process at these banks and urged their managements to create strategies for accelerating the reform efforts.

The statement further indicated that the meeting followed up on the procedures for establishing Rafidain First Bank, a new bank approved during the Cabinet session on January 13. This bank aims to embrace modern technologies and international standards to support the government’s financial and banking reform objectives, which are expected to positively impact the country’s economic development.

Ernst and Young presented a report during the meeting, reviewing the financial and technical proposals for the Rafidain First Bank project.