By John Lee.
Discussions have been held on the restructuring of state-owned banks and the insurance sector as part of Iraq's financial reform programme.
The meeting took place at the Ministry of Finance under the chairmanship of Minister of Finance Taif Sami Mohammed, with representatives of Ernst & Young, alongside senior officials from the Ministry and state-owned banks.
The talks reviewed progress and next steps in the restructuring of Rafidain Bank and Rasheed Bank, in line with the consultant's recommendations, including preparations for the establishment of the First Rafidain Bank and upgrades to Iraq's financial information infrastructure.
Key areas discussed included:
- Implementation timelines for the financial sector reform plan
- Alignment of banking procedures with international standards
- Completion stages of restructuring Rafidain Bank and Rasheed Bank
- Merging of the National Insurance Company and the Iraqi Insurance Company
- Adoption of International Financial Reporting Standards (IFRS)
- Restructuring roadmap for the Industrial Bank
- Automation of financial systems and digital transformation
The meeting also addressed cooperation on technical support and staff training to ensure the sustainability of reforms. Ernst & Young expressed support for the Ministry's efforts to modernise financial institutions and improve auditing and banking operations.
(Source: Ministry of Finance)
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