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The Minister of Finance follows up on the regulation of the work of government banks with the international auditing firm Ernst & Young
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[rtl]Baghdad / NINA / Minister of Finance Taif Sami chaired today a coordination meeting with the international auditing and oversight company Ernst & Young, to follow up on the ongoing technical plans to merge and organize the work of Rafidain and Rashid Banks and insurance companies.
The ministry said in a statement, "During the meeting, which was attended by a number of the ministry's general managers and formations, a report was presented by the auditing company on the final stages of its work regarding organizing the work of the government banking sector, in addition to discussing the proposed plans and final implementation stages in line with the priorities of reform and development."
The Minister of Finance stressed "the importance of implementing these procedures to contribute to enhancing confidence in the banking system, and providing a stable financial environment that supports economic growth, which is positively reflected on the national economy in general, achieving sustainable development and stimulating growth in various sectors."
The minister indicated "the importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of organizing and restructuring financial institutions, as the ministry aims to make Iraqi banks internationally and locally accepted to provide better services to citizens."
The audit firm's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and organizing financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy.
In the same context, "Iraq is witnessing transformations in the government banking sector through the adoption of work programs to restructure government banks, aiming to enhance the efficiency of these banks and improve their services provided to citizens and companies, and strengthen financial solvency by increasing capital and diversifying sources of income. In addition to improving governance by applying high standards of transparency and accountability, and adopting the latest banking technologies to provide more efficient services, as well as increasing confidence in the banking sector and thus attracting foreign investments." / End H[/rtl]
The ministry said in a statement, "During the meeting, which was attended by a number of the ministry's general managers and formations, a report was presented by the auditing company on the final stages of its work regarding organizing the work of the government banking sector, in addition to discussing the proposed plans and final implementation stages in line with the priorities of reform and development."
The Minister of Finance stressed "the importance of implementing these procedures to contribute to enhancing confidence in the banking system, and providing a stable financial environment that supports economic growth, which is positively reflected on the national economy in general, achieving sustainable development and stimulating growth in various sectors."
The minister indicated "the importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of organizing and restructuring financial institutions, as the ministry aims to make Iraqi banks internationally and locally accepted to provide better services to citizens."
The audit firm's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and organizing financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy.
In the same context, "Iraq is witnessing transformations in the government banking sector through the adoption of work programs to restructure government banks, aiming to enhance the efficiency of these banks and improve their services provided to citizens and companies, and strengthen financial solvency by increasing capital and diversifying sources of income. In addition to improving governance by applying high standards of transparency and accountability, and adopting the latest banking technologies to provide more efficient services, as well as increasing confidence in the banking sector and thus attracting foreign investments." / End H[/rtl]
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