ERBIL — Iraq's Ministry of Finance has announced a critical meeting to advance the restructuring project of Rafidain Bank, one of the country's largest financial institutions. 

The meeting, held on Wednesday evening in Baghdad, was led by Ali Al-Alaq, Governor of the Central Bank of Iraq, and involved collaboration with the global consulting firm Ernst & Young (EY).  

Rebaz Hamlan, Advisor to the Ministry of Finance, disclosed details of the session on social media, emphasizing the importance of the project in transforming Iraq's banking sector. Key stakeholders, including representatives from the Central Bank, advisors to the Prime Minister, and officials from the International Monetary Fund in Iraq, participated in the discussions alongside experts from EY.  

The meeting focused on assessing past progress and addressing mechanisms for optimizing operations and financial assets. EY representative Firas Gailani reported significant advancements in the project, which began in September 2024, stating that 74% of the work has been completed. The initial phase is set to conclude by the end of this month, transitioning into a more advanced stage.  

The Central Bank Governor underscored the importance of Prime Minister support in expediting the project, ensuring it reaches key milestones in modernizing and strengthening Rafidain Bank’s infrastructure.  

This ambitious initiative reflects Iraq’s commitment to reforming its financial sector, enhancing operational efficiency, and aligning with international banking standards.