Baghdad: Prime Minister Mohammed Shia al-Sudani emphasized the government’s anticipation that the Banking Sector Reform Conference will generate ideas to advance sustainable development. In his address at the conference, al-Sudani outlined the financial and banking challenges Iraq faces and the government’s proactive measures to stabilize the economy and ensure growth.

According to National Iraqi News Agency, al-Sudani highlighted that the government has prepared a three-year budget to allocate resources across various sectors. He detailed efforts to fully automate customs using the ASYCUDA system, leading to a significant increase in customs and tax revenues by 128% and 22%, respectively.

The Prime Minister discussed ongoing ambitious projects to reform the government banking system, aimed at enhancing the capacity to provide financial services to individuals and businesses. Over the past two years, the Council of Ministers has implemented decisions to restructure key banks, including Rafidain, Rasheed, Industrial, and Agricultural banks, with guidance from an international consulting firm. Infrastructure for electronic payments and trading is being bolstered to facilitate transactions across sectors.

Al-Sudani noted that partnerships with leading financial technology companies are in place to provide innovative payment solutions, aiming to improve financial system efficiency. He cited that the financial inclusion rate now exceeds 40%, a substantial increase from 10% two years ago, earning praise from international entities like the World Bank and the International Monetary Fund.

He also mentioned updates to laws related to e-commerce and payments, alongside citizen awareness campaigns on electronic payments’ benefits. Support for small and medium-sized enterprises through financing and resources has led to job creation and economic revitalization. The proposed initiatives aim to tackle current banking sector challenges and boost its international competitiveness.

Al-Sudani underscored that banking reforms are a critical component of the government’s economic program. In collaboration with the Central Bank of Iraq, a comprehensive strategic banking reform initiative is underway to align with international developments and foster global partnerships in modern banking and financial transactions.

The Prime Minister expressed the government’s commitment to supporting local and international entities in developing the banking sector, enhancing economic growth, and achieving financial stability. He acknowledged the contributions of the Central Bank, domestic and international banks, and consulting firms in advancing Iraq’s financial and banking sector, and their role in enhancing Iraq’s economic standing and international influence.