Al-Sudani announces a 128% increase in customs revenues and a 22% increase in tax revenues.
Al-Sudani announces a 128% increase in customs revenues and a 22% increase in tax revenues.
2025-04-07 03:52
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani announced on Monday that customs revenues increased by about 128% and tax revenues by about 22%, higher than previous years. He also expressed the government’s readiness to support all local and international entities, institutions, and companies to develop the banking sector and achieve financial stability.
This came during his sponsorship of the Iraqi Banking Sector Reform Conference, where Al-Sudani commended the efforts that contributed to the conference, commending the visions and ideas for developing the Iraqi banking sector, and the pursuit of sustainable development and strengthening Iraq’s economic standing regionally and internationally.
Al-Sudani also praised the efforts of the Central Bank, banks, and teams from international and local consulting firms, according to a statement issued by his media office and received by Shafak News Agency.
Al-Sudani noted that the government assumed responsibility during a complex economic climate that required measures to ensure growth. He reviewed key achievements in the financial and economic sectors, stating that the three-year budget allowed for the development of a long-term financial plan to secure resources for vital sectors, including improvements to the tax and customs systems and maximization of non-oil revenues.
He added that customs revenues increased by 128%, and tax revenues by 22%, noting the launch of ambitious projects to reform the government banking system and enhance its service delivery capabilities.
Al-Sudani explained that the government had issued decisions to restructure the Rafidain, Rashid, Industrial, and Agricultural banks in cooperation with an international consulting firm. The government also strengthened the electronic payment infrastructure and established partnerships with financial technology companies.
He explained that financial inclusion has exceeded 40%, compared to 10% two years ago, with the updating of e-commerce and payments laws and the organization of awareness campaigns on digital payments.
He pointed to the support for small and medium-sized enterprises, which contributes to job creation, stressing that banking reforms constitute a fundamental pillar of the government’s program, including a partnership with the Central Bank on strategic reforms aimed at keeping pace with international developments and expanding banking partnerships.
Al-Sudani concluded by affirming the government’s readiness to support all stakeholders, achieving tangible results in developing the banking sector and expanding its projects.
The Central Bank of Iraq announced reform plans on Monday aimed at modernizing the Iraqi private banking sector and building a robust, modern, and resilient banking sector that will drive economic growth and enhance financial inclusion.
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