Al Sharqiya

Baghdad - ALsharqiya, August 10: Iraqi Prime Minister Mohammed Shia al-Sudani affirmed the government's support for all reform initiatives that would strengthen the structure of the financial system in Iraq in line with international best practices. The official spokesman for the Iraqi government said in a statement that al-Sudani was briefed on the latest developments related to the banking reform paper, especially those related to private banks, and paid great attention to the objective challenges facing local banks in implementing some provisions of the reform document, particularly those related to the requirements for increasing capital and adopting a strategic partner, and the costs of contracting with foreign companies, in addition to the binding timelines in light of the proposed reform process. According to the statement, al-Sudani announced three steps to reform the banking sector, which are opening an expanded dialogue between the Central Bank, taking into account the specificity of the Iraqi reality when applying international standards, and working to reassure the banking community through clear messages confirming that the goal of reform is not exclusion, but empowerment.