Minister of Finance: We have a program to restructure government banks

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[size=52]Minister of Finance: We have a program to restructure government banks[/size]

[size=45]Finance Minister Taif Sami revealed the existence of a program to restructure government banks.[/size]
[size=45]The Ministry of Finance stated in a statement, “The Minister of Finance chaired an expanded meeting with representatives of the international company Ernst & Young specialized in auditing and financial consulting, in the presence of the general directors of the Rafidain and Rasheed banks, the Agricultural, Industrial and Real Estate Bank, and the National and Iraqi Insurance companies, in order to determine a work plan and initiate steps to merge and organize a number of institutions.” The Ministry and its restructuring in line with the objectives of the Ministry’s financial and banking sector reform policy.”[/size]
[size=45]She added, “The meeting discussed the draft submitted by Ernst & Young relating to the organization and restructuring of the Rafidain and Rasheed banks and the merger of the National and Iraqi Insurance companies, discussing the proposed plan and implementation stages, and determining contract frameworks and drafting them in a manner consistent with the reform and development priorities, in addition to discussing the study submitted by the company and diagnosing Obstacles to transformation, financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”[/size]
[size=45]The Minister of Finance explained - according to the statement - that “the Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the relevant international organizations,” adding that the process of merging, structuring, and introducing modern financial technologies will push towards making Iraqi banks acceptable internationally and locally to undertake the provision of services. of the government financial system and individuals at the same time, defining the roles of banks and subcommittees, and determining contract durations,” pointing out that “the Ministry’s vision includes a comprehensive review and evaluation of the work of banks and the implementation of structural administrative reforms, which include providing a package of integrated banking services to citizens and companies and making them more consistent with... The national economy supports achieving sustainable economic development.”[/size]
[size=45]Sami stressed “the necessity of benefiting from the expertise of reputable international companies, which can play an effective and essential role due to their expertise and consultations in charting the correct path for the projects implemented by the Ministry in accordance with its financial policy that conforms to international standards and specifications.”[/size]
[size=45]The statement added, “Ernst & Young is considered one of the leading international companies, and has extensive experience and achievements in this field to regulate the work of financial institutions and has a solid professional history through its review of many central banks, commercial banks, and major companies in the region and the world.”[/size]
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