Ernst & Young (EY) presented recommendations for reforming Iraq's banking sector, with a focus on restructuring state-owned Rafidain Bank, during a meeting chaired by Prime Minister Mohammed Shia al-Sudani on October 20.
The global professional services firm proposed updating Rafidain Bank's legal status, capital structure, and strategy to align with international banking standards, according to a statement from the prime minister's office.
"Restructuring Rafidain Bank is a cornerstone of the government's broader banking reform agenda," al-Sudani said, emphasizing the reforms aim to enhance trust and facilitate cooperation with both local and foreign investors.
The proposals will be submitted to the Ministerial Council for Economy before seeking final approval from the Council of Ministers.
Iraq has been working to overhaul its banking sector, which has long been isolated from the global financial system due to years of conflict and sanctions. The reforms are seen as crucial for attracting foreign investment and modernizing the country's economy.
Rafidain Bank, one of Iraq's largest state-owned banks, plays a significant role in the country's financial system. The involvement of EY in the reform process signals Iraq's commitment to bringing its banking practices in line with international standards.
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