Iraqi Prime Minister holds discussions with Ernst & Young on Rafidain Bank restructuring

Iraqi Prime Minister Mohammed Shia Al-Sudani engaged in discussions on Thursday with representatives from Ernst & Young, alongside key figures in the Iraqi financial sector, to deliberate over the restructuring plan proposed for Rafidain Bank.

According to an official statement from the Prime Minister’s Office (PMO), attendees included the Minister of Finance, the Governor of the Central Bank of Iraq (CBI), and advisors to the Prime Minister. The meeting aimed to scrutinize Ernst & Young’s proposed plan and incorporate it into the government’s broader agenda of revitalizing the banking and financial sectors.

During the discussions, the Iraqi officials presented constructive feedback on the draft plan, advocating for specific amendments to align it with the government’s strategic goals for comprehensive sector reform. Prime Minister Al-Sudani underscored the importance of a flexible strategy that achieves its intended objectives while avoiding replication of past experiences.

Furthermore, Al-Sudani expressed the government’s commitment to providing all necessary support and resources to facilitate the successful implementation of the restructuring and transformation process. These efforts are integral components of the government’s overarching objectives in the reform of the banking and financial sectors.

Highlighting the urgency of the situation, the Prime Minister emphasized the need to swiftly finalize the plan. He stressed that its timely execution is crucial for the success of the strategy, contributing significantly to the tangible progress sought within the broader framework of economic transformation. As Iraq aims to navigate a transformative phase in its financial landscape, the collaboration with Ernst & Young marks a pivotal step in achieving sustainable reforms in the banking sector.