Al-Sudani: The three-year budget laid out a long-term financial plan that contributed to achieving the goals.
Al-Sudani: The three-year budget laid out a long-term financial plan that contributed to achieving the goals.
4-7-2025
Information/Baghdad…
Prime Minister Mohammed Shia al-Sudani affirmed on Monday that the three-year budget sets out a long-term financial plan that has contributed to achieving development goals. He also expressed the government’s readiness to support all local and international entities, institutions, and companies to develop the banking sector.
The Prime Minister’s media office stated in a statement received by Al-Maalouma Agency that “Prime Minister Mohammed Shia al-Sudani sponsored the Iraqi Banking Sector Reform Conference,” appreciating “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, the Prime Minister 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.”
He added, “The government assumed responsibility in a complex economic context, requiring measures to achieve stability and ensure growth.” He pointed 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.”
He added, “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 added, “We are working to fully automate customs through the ASYCUDA system, which is the United Nations’ Automated Customs Procedures System.”
He added, “Customs revenues increased by approximately 128%, while tax revenues increased by approximately 22%, which are higher than in previous years.” He explained that, “We have 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, Rashid, Industrial, and Agricultural banks, through the assistance of a reputable international consulting firm,” adding that “we have worked to strengthen the infrastructure for electronic payments and trading by enhancing systems and protocols to facilitate electronic payments across various sectors.”
He pointed out 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%, compared to the rate two years ago, which did not exceed 10%, a fact commended 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 on 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-sized enterprises by providing financing and resources, which has resulted in job creation and economic revitalization. Through the proposed initiatives, we seek to address current challenges in the banking sector and enhance its competitiveness on the international stage.”
The Prime Minister continued, “Banking reforms constitute an important pillar of the economic reforms adopted in the government’s 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 explained that “the comprehensive reforms aim to keep pace with international developments, and contribute to opening partnerships and horizons of 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 that “we have achieved tangible results and successes that have been reflected in the development of the banking sector through expanding projects in this field.”
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