PM Al-Sudani vows support for financial reforms

Shafaq News/ On Monday, Iraqi Prime Minister Mohammed Shia Al-Sudani pledged his government’s support for local and international efforts to reform and develop the country’s banking sector.

According to a statement by the PM’s media office, Al-Sudani highlighted progress in tax reforms, customs automation, and the restructuring of state-owned banks “as positive steps toward establishing solid foundations for development and capitalizing on prevailing stability,” while “helping reduce dependence on oil exports.”

“Customs revenues increased by approximately 128%, while tax revenues rose by about 22%—both higher than previous years,” the PM revealed, adding that Iraq's financial inclusion rate had risen to over 40%—up from just 10% two years ago—and praised the Central Bank of Iraq (CBI), fintech partners, and advisory firms for their role in advancing digital payments and financial services.

Earlier, the CBI announced reform plans aimed at modernizing the country’s private banking sector and building a solid, modern, and flexible banking system to drive economic growth and promote financial inclusion.