Baghdad: Prime Minister Mohammed Shia Al-Sudani has emphasized the significance of the banking sector reform initiative, beginning with Rafidain Bank. The aim is to construct a banking system that meets high standards and specifications, thereby solving existing problems and bolstering public confidence, as well as enhancing collaboration with both local and international investors.

According to National Iraqi News Agency, the initiative was highlighted during a meeting led by Al-Sudani, which included representatives from Ernst and Young for Auditing and Financial Consulting. The Prime Minister’s media office detailed that the gathering focused on developing the operations of the governmental banking sector. A series of recommendations were advanced by Ernst and Young to push forward the reforms at Rafidain Bank. These included proposals on the new legal status of the bank, adjustments in its capital, and its operational strategy. Additionally, the selection of a new consultant to help the bank align wi
th international banking standards was discussed. These recommendations are slated to be presented to the Ministerial Council for the Economy and subsequently to the Council of Ministers for approval.

Prime Minister Al-Sudani pointed out that restructuring Rafidain Bank is merely the initial step in a broader plan aimed at reforming the government’s banking sector. He noted that this project is receiving particular scrutiny, with all reports from relevant authorities being closely monitored, especially those from the committee tasked with the restructuring effort.