Prime Minister Mohammed Shia’ Al-Sudani chairs a meeting dedicated to discussing financial organization and the scheduling and management of public debt.
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Here is the English translation:
Prime Minister Mohammed Shia’ Al-Sudani chaired a meeting dedicated to discussing financial organization and the scheduling and management of public debt, both external and domestic. The meeting was attended by the Minister of Finance, the Governor of the Central Bank of Iraq, a number of financial and economic advisors, as well as representatives of the global consulting firm Oliver Wyman specializing in financial auditing.
The meeting included a comprehensive and detailed presentation of the plans and programs adopted for restructuring public debt and identifying financial treatment priorities, in line with the most appropriate reform steps and scientific approaches based on successful comparable international experiences, while taking into account the specific nature of the Iraqi experience and building upon the development of the strong and established fundamentals of the Iraqi economy.
During the meeting, Al-Sudani pointed to the government’s completion of the path of financial and economic reform and its benefit from the expertise of major global companies in restructuring public debt, both domestic and external. He emphasized the importance of adopting medium-term strategies in accordance with the nature of the debt, credit ratings, and relevant global indicators, as well as the need to prepare budgets based on a realistic assessment of available financing and implementation capacity.
He also stressed the necessity of achieving the desired benefits of public debt management and employing them to support economic growth, ease pressure on the national currency, improve borrowing costs, and preserve the financial reputation and strengths of the Iraqi economy. He highlighted the importance of the stages of diagnosis, improvement, and the development of successful implementation strategies within the steps of managing and restructuring public debt, in line with long-term economic reform.
Al-Sudani directed the Ministry of Finance, the Central Bank of Iraq, and financial advisors to continue communication and follow-up with Oliver Wyman in order to develop the best implementation frameworks and mechanisms for managing public debt, within robust financial indicators that serve the goal of advancing the Iraqi economy.
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