Iraqi MoF holds discusses integration plans with Ernst & Young
Shafaq News / The Iraqi Ministry of Finance conducted an extensive meeting on Friday with representatives from the international company Ernst & Young, specialized in auditing and financial consultations.
The meeting included the directors-general of the Rafidain and Rasheed banks, as well as other financial institutions. The purpose was to define a work plan and initiate the steps for integrating and restructuring several Ministry institutions, aligning them with the goals of financial and banking sector reform.
The discussions covered the proposed plan for organizing and restructuring Rafidain and Rasheed banks, as well as the merger of the National and Iraqi insurance companies.
The meeting focused on the proposed plan's details, execution phases, contract frameworks, and formulations in line with the priorities of reform and development. The Ministry aims to enhance the efficiency of these institutions, introducing modern financial technologies and making Iraqi banks internationally and locally accepted.
Finance Minister Tayf Sami emphasized the Ministry's commitment to reducing reliance on imported gas, outlining projects for combined-cycle plants, activating thermal power stations, and implementing solar energy projects. However, due to the shortage of gas supply from Iran, there was a loss of more than 4,000 megawatts in the national network.
The Ministry is working on compensating for the lost gas supply, ensuring the continued operation of power stations using alternative fuels.
Minister Sami stated that the Ministry is working in collaboration with the Central Bank of Iraq and relevant international organizations on the restructuring of government banks, aligning with the government's directives for reform and development in the financial and banking sectors.
The restructuring aims to make Iraqi banks internationally competitive, offering services to both the government's financial system and individuals. The implementation will involve the merger and restructuring of banks, introducing modern technologies, and enhancing the roles of banks and subcommittees.
