Iraq Economic News and Points to Ponder Saturday AM 1-13-24
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Minister Of Finance: We Have A Program To Restructure Government Banks
Economy News – Baghdad On Friday, Finance Minister Taif Sami revealed the existence of a program to restructure government banks.
The Ministry of Finance stated in a statement, seen by Al-Iqtisad News, that “The Minister of Finance chaired an expanded meeting with representatives of the international company Ernst & Young, which specializes 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 an action plan.” And initiate steps to merge and organize a number of the Ministry’s institutions and restructure them in line with the objectives of the Ministry’s financial and banking sector reform policy.”
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, and discussed the proposed plan and implementation stages, and determined the frameworks of the contract and drafted them in a manner consistent with the reform and development priorities, in addition to discussing the study submitted by the company and diagnosing the obstacles.”
Transformation, financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”
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 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 simultaneously,
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.
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.”
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.” 160 views 01/12/2024 – https://economy-news.net/content.php?id=39374
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Provoking Points To Ponder on Adversity:
We say: mad with joy. We should say: wise with grief.- Marguerite Yourcenar
There are some things you learn best in calm, and some in storm.- Willa Cather
Discontent is the first step in the progress of a man or a nation.- Oscar Wilde
Were there none who were discontented with what they have, the world would never reach anything better.- Florence Nightingale
Woman’s discontent increases in exact proportion to her development.- Elizabeth Cady Stanton
Restlessness is discontent, and discontent is the first necessity of progress.- Thomas A. Edison
Noble discontent is the path to heaven.- Thomas W. Higginson
No pain, no palm; no thorns, no throne; no gall, no glory; no cross, no crown.- William Penn
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