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Has real reform begun?
Economical 04/22/2024
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It is clearly evident that the government's decisions and measures to correct the course of banking work in Iraq, which are accelerating at a regular and sequential pace, may herald realistic and real reform in this vital and important sector.
The process of economic reform can only be achieved by starting from the most important sector, which is the financial and banking sector. In parallel, administrative reform must be achieved in one package to complete the real reform deal for the country.
I will try to summarize and clarify the concept of financial and administrative reform through the government’s decisions to develop the performance of the banking sector, as the interests in this vital sector are embodied in the boldest decision taken by the Sudanese to transform the Industrial Bank into a public joint-stock company. It seems to be a successful start, but it requires accompanying measures that I will discuss in the context of this article. To complete the picture of targeted reform.
This decision falls within the concept of restructuring public banks to correct their course because they have failed to keep pace with the current changes. In order for this step to be successful, it must be accompanied by the process of achieving the banking governance program, which is simply a simplified definition of achieving administrative reform, which is intended to define and separate responsibilities between the executive management of the bank and the board of directors, as The management of the bank is the responsibility of the executive management because its tasks relate to purely banking and technical operations, while the responsibilities of the Board of Directors are determined by planning, monitoring and follow-up.
On the other hand, the success of the process of transforming public banks into joint-stock companies (structuring them) requires transferring the management of the bank to the private sector, which is keen to ensure the continuity of achieving profits for the continued performance of the bank in the labor market.
This requires that the size of the shares be in favor of the private sector, so that management is in its charge.
The bank structuring process also requires the necessity of separating responsibilities, as it is not permissible for the bank’s general manager to assume the responsibilities of management and the board of directors at the same time, and thus the board of directors can monitor performance and free their decisions from dominance, as contained in the banking law.
The structure of the banking sector has become necessary to an important degree, and the need also requires the application and implementation of international compliance standards by the bank. There is an urgent need to reclassify and evaluate the banks in light of promising reform.
It is noted that the main government banks still lack comprehensive banking systems and need higher training for bank employees in accordance with the development taking place in the global banking sector, with the need to expand in enhancing and restoring confidence and banking reputation in Iraqi banks with correspondent banks.
These reform steps require giving private banks room and opportunity to open credits with high, not specific, limits and ceilings, to effectively contribute to revitalizing and expanding the commercial and economic movement of our country. I see that they are logical results that are achieved without effort.
Thus, we expect banks to have a promising future if these government reform steps continue at the same rapid and regular pace to achieve realistic and real reform.
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