Al-Sudani: The government supports all parties to develop the banking sector.

Al-Sudani: The government supports all parties to develop the banking sector.

04/08/2025

Prime Minister Mohammed Shia al-Sudani affirmed on Monday the government’s readiness to support all local and international entities, institutions, and companies to develop the banking sector. He explained that the government has worked to maximize revenues by improving the tax and customs system and boosting non-oil revenues.

A statement from the Prime Minister’s Media Office, received by Al-Sabah, stated that “Al-Sudani sponsored the Iraqi Banking Sector Reform Conference and appreciated all the efforts that contributed to holding this conference, including its visions and ideas for developing the Iraqi banking sector, and presenting ideas for achieving sustainable development, strengthening Iraq’s economic standing, and its regional and international role.”

According to the statement, Al-Sudani also praised “the ongoing efforts of the Central Bank, banks, and task forces from international and local consulting firms to strengthen and develop the Iraqi financial and banking sector.”

The Prime Minister added that “the government assumed responsibility in a complex economic context, requiring measures to achieve stability and ensure growth,” pointing to “the achievements made in the financial, banking, and economic fields, which represented positive steps toward establishing a solid foundation for development and investing in stability.”

Al-Sudani explained that “the government has prepared a three-year budget that includes allocating resources to various vital sectors, such as health, education, and infrastructure,” noting that “the three-year budget has enabled the development of a long-term financial plan that will contribute to achieving the state’s development and strategic goals.”

He continued, “The government has worked to maximize revenues by improving the tax and customs system and enhancing non-oil revenues, which has contributed to reducing dependence on oil revenues.” He explained that “we are working to fully automate customs through the ASYCUDA system, the United Nations’ Automated Customs Procedures Management System.”

He explained that “customs revenues increased by about 128 percent, and tax revenues increased by about 22 percent, which are higher rates than in previous years.” He explained that “we launched ambitious projects to reform the government banking system, ensuring increased capacity to provide financial services to individuals and companies.” He pointed out that “over the past two years, several decisions were issued by the Council of Ministers to restructure the Rafidain, Rasheed, Industrial, and Agricultural banks, through the assistance of a reputable international consulting firm.” He explained that “we worked to strengthen the infrastructure for electronic payments and trading, by enhancing systems and protocols to facilitate electronic payments in various sectors.”

Al-Sudani noted that “the government has established partnerships with the best financial technology companies to provide innovative payment solutions, with the aim of enhancing the efficiency of the financial system,” stressing that “the financial inclusion rate has reached more than 40 percent, compared to just 10 percent two years ago, a figure praised by international organizations such as the World Bank and the International Monetary Fund.”

He continued, “Laws related to e-commerce and payments have been updated, and awareness campaigns have been organized for citizens about the benefits of electronic payments, which has strengthened the culture of digital payments in society.” He noted that “we have provided support to small and medium enterprises, by providing financing and resources, which has been reflected in creating job opportunities and stimulating the economy. Through the proposed initiatives, we seek to address current challenges in the banking sector and enhance its competitiveness in the arena.”

International.

The Prime Minister continued, saying, “Banking reforms constitute an important pillar of the economic reforms adopted in the government program. The government, in cooperation with the Central Bank of Iraq, has embarked on a comprehensive initiative that includes an integrated strategic banking reform process.” He continued, “The comprehensive reforms aim to keep pace with international developments and contribute to opening partnerships and prospects for communication with the outside world in modern banking and financial transactions. We are ready to support all local and international entities, institutions and companies to develop the banking sector, enhance economic growth and achieve financial stability.” He added, “We have achieved tangible results and successes that have been reflected in the development of the banking sector through the expansion of projects in this field.”

alsabaah.iq