Iraq Makes a Comeback on the International Stage through its Banking Sector Reforms.

The Prime Minister of Iraq, Muhammad Shiaa Al-Sudani, met with a delegation from the Union of Arab Banks led by Wissam Hassan Fattouh. During the meeting, Al-Sudani emphasized that Iraqi banks are making progress in their financial transactions and are working closely with the Central Bank to coordinate financial and monetary policies. The media office of the Prime Minister released a statement expressing Al-Sudani’s happiness in hosting the Arab Banks Conference in Baghdad, highlighting that Iraq’s participation in such conferences signifies its return to a prominent position in the region and the world.

In addition, Al-Sudani stated that the government’s economic and financial reform efforts are dependent on a strong banking system that aligns with international standards. He mentioned that the government has prioritized the development and reform of the banking sector since its inception, emphasizing that Iraqi banks are now conducting transactions correctly and maintaining cooperation with the Central Bank while upholding bank independence.

The government’s policy of transparency has helped address shortcomings in the banking system. Moreover, Al-Sudani welcomed the idea of holding a banking workshop to discuss how banks can play a role in developing industrial cities along the development road project.

The Union of Arab Banks delegation commended the government’s efforts to reform the banking sector, noting that these measures aim at improving its operations. They also appreciated government support for private businesses and its role in fostering international and regional partnerships.