Tag Archives | reforms

Visa supporting Iraqi Govt's Plans for Electronic Payment

By John Lee. Iraqi Prime Minister Mohammed Shiaa Al-Sudani received Mr. Andrew Torre, the Regional President of Visa for Central and Eastern Europe, the Middle East, and Africa, along with his accompanying delegation on Thursday. The Prime Minister emphasized that economic and banking reform is among the government's top priorities, welcoming cooperation in this field. […]

PM Al-Sudani mets World Bank Group President in Davos

By John Lee. On the sidelines of the World Economic Forum (WEF) in Davos, Iraqi Prime Minister Mohammed Shia Al-Sudani met with Mr. Ajay Banga, the President of the World Bank Group. The meeting focused on discussing cooperation between Iraq and the World Bank in various economic sectors, contributing to supporting the government's efforts and […]

Restructuring Rafidain Bank: Iraqi PM meets Ernst & Young

By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has presided over a meeting with representatives from Ernst & Young (EY), specializing in auditing and financial consulting. The preliminary draft of the company's plan for restructuring the state-owned Rafidain Bank was discussed. According to a statement from the Prime Minister's office, he emphasized the need […]

EY to Advise Iraq on Banking and Insurance Reforms

By John Lee. The Iraqi Cabinet has approved a series of contracts with UK-based professional services firm Ernst & Young (EY), aimed at reforming Iraq's banking and insurance sectors: The first contract involves a comprehensive study on the restructuring of the state-owned Rafidain Bank and Rasheed Bank, with recommendations and a roadmap expected within six […]

Iraqi Cabinet pushes for State Contracts in Dinars

By John Lee. As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars. There will be exceptions for ongoing external grants, loans, and agreements, and new contracts involving foreign grants, loans, and agreements may adhere to agreed-upon foreign currency terms, as specified […]

Without Change, There Is No Hope for Iraq

By Dr. Layth Mahdi. The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Without Change, There Is No Hope for Iraq I am a senior citizen that wants to contribute the last chapter of my life helping to rebuild Iraq. Despite all my efforts, I […]

Iraqi PM Orders Reform of Banking Sector

By John Lee. Iraqi Prime Minister, Mohammed Shia al-Sudani, led a meeting on Tuesday to monitor the progress of banking reforms. The session, attended by the Finance Minister, Governor of the Central Bank of Iraq (CBI), and directors of government banks, focused on administrative and banking reforms initiated by the government as part of comprehensive […]

World Bank Corrects Iraq Debt-to-GDP Ratio in Report

From the World Bank: Statement on the Iraq Economic Monitor Spring/Summer 2023 The World Bank identified an error in the reporting of debt data for 2022 and projections for ensuing years reported in the recently published Iraq Economic Monitor (IEM) Spring/Summer 2023 issue. As a result, the debt-to-GDP ratio in 2022 was corrected from 53.8 […]

Iraqi PM discusses Financial Reforms with US Treasury

By John Lee. Iraqi Prime Minister Mohammed Shia' Al-Sudani met with Elizabeth Rosenberg, Assistant Secretary of the US Treasury, and her accompanying delegation on Wednesday. The discussion centered on cooperation between Iraq's financial institutions and the US Treasury, focusing on government actions to implement financial and banking reforms to combat corruption. Prime Minister Al-Sudani emphasized […]

Without Reforms, Iraq's Oil Boom Could Turn to Bust -- World Bank

From the World Bank: Without Reforms, Iraq's Oil Boom Could Turn to Bust Iraq's economy continued its oil-driven recovery after the sharp pandemic-induced recession in 2020, but non-oil sectors have stagnated, and growth constraints have reemerged. Despite a record oil windfall and a long-awaited new budget, Iraq nevertheless remains at risk of missing the opportunity […]