Baghdad: The Parliamentary Finance Committee affirmed that the launch of the Banking Sector Development Project represents a starting point for comprehensive reform of the financial and monetary systems, paving the way for achieving sustainable development and the desired economic reform.

According to National Iraqi News Agency, Committee Chairman MP Atwan Al-Atwani, during his participation in the Banking Sector Development Conference in Baghdad, highlighted Parliament’s commitment to supporting the Central Bank’s efforts to promote sustainable financing concepts. He emphasized encouraging public and private banks to finance economic activities and development projects, aiming to diversify income sources and reduce the financial deficit in public budgets.

Al-Atwani stated that the banking sector serves as a fundamental pillar for driving the national economy and combating corruption. He noted that developing this sector is central to the economic reform project and essential for transitioning to a diversified economy, less dependent on oil revenues.

He further explained that integrating modern banking systems into the Tax and Customs Administration would improve financial transaction tracking, enhance revenue collection efficiency, and reduce tax evasion. This integration would also close informal outlets that drain state resources and weaken its investment and service capabilities.

Al-Atwani stressed the importance of rebuilding confidence in the banking system and expanding digital transactions. He outlined the need for developing the banking sector’s infrastructure and enhancing cybersecurity measures. Additionally, the reform process should involve establishing genuine partnerships with international banks and institutions and regulating foreign remittances to ensure compliance with international standards.

He advocated for a clear understanding with the World Bank and the US Treasury, establishing the principle that the Central Bank of Iraq is the authorized body to evaluate banks’ performance and ensure compliance. This understanding aims to prevent sudden decisions that could negatively impact the banking sector. Al-Atwani emphasized the necessity of a comprehensive reform revolution, beginning with the banking sector, requiring genuine political will, institutional cooperation, and a strategic vision beyond temporary solutions.

Al-Atwani called for collective responsibility in reforming the banking sector, considering it a national priority that affects national security and financial stability. He highlighted its direct impact on citizens’ livelihoods, social justice, and the future of upcoming generations.