Minister of Finance follows up on regulating the work of government banks with the international auditing firm Ernst & Young

Minister of Finance Taif Sami chaired today a coordination meeting with the international auditing and oversight firm Ernst and 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 stated in a statement, "During the meeting, which was attended by a number of general managers of the Ministry and its formations, a report was presented by the auditing firm on the final stages of its work regarding regulating 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 and achieving sustainable development and stimulating g rowth in various sectors." The Minister explained "the importance of benefiting from the expertise of solid international companies such as Ernst and Young in the field of regulating and restructuring financial institutions, as the Ministry aims to make Iraqi banks internationally and locally acceptable to provide better services to citizens." The auditing company's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and regulating 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 ad dition 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." Source: National Iraqi News Agency