Al-Sudani: There is no alternative but to have capable Iraqi banks that adopt all financial standards, to participate in development and building the country

Prime Minister, Mohammed Shia al-Sudani stressed that there is no alternative but to have capable Iraqi banks that adopt all financial standards to participate in development and building the country. Al-Sudani stressed, during his meeting with the head of the Private Banks Association and a number of bank managers, the importance of the Private Banks Association dealing with government trends and investing opportunities. The Prime Minister was briefed, according to a statement by his media office, on the problems facing the banking sector in Iraq, referring to the measures taken by the government to support the private sector in general, and the banking sector in particular, within the priority of economic reform in which the government has made advanced strides. He stressed the readiness of Arab and foreign banks whose representatives visited Iraq to cooperate with the government in implementing its vision and development plans, pointing to the formation of a higher committee to develop treatments for th e work of banks to be in line with the requirements of work in the international financial arena. Al-Sudani said that the Central Bank of Iraq contracted with Oliver Wyman Company to develop the banking and financial sector. According to the statement, the Prime Minister directed the Association of Banks to build balanced relations with financial institutions, Arab banks and investors to support banking work, directing the preparation of a draft resolution to be presented to the Council of Ministers that includes obligating ministries to provide facilities that support the banking sector in Iraq. Source: National Iraqi News Agency