
Prime Minister's Advisor Reveals Plan to Merge Rafidain and Rashid Banks
Baghdad-INA
Advisor to the Prime Minister and Executive Director of the Reform Management Cell, Amer Al-Adhadh, revealed plans to merge Rafidain and Rashid Banks. While addressing the government's achievements in the field of economic reforms, he explained the contents of the "House of Reform" project and its importance to the investment file. He also outlined the contents of the draft law on public-private partnerships, which aims to enhance the investment environment in Iraq.
Al-Adhadh told Al-Shabaka magazine, as reported by the Iraqi News Agency (INA), in his talk about the 'Reform House' project, 'This project is not just a government program, but rather a comprehensive roadmap aimed at achieving sustainable development through interconnected goals, one of which is activating human capital and enhancing national competencies.'
He added, "Economic reforms cannot succeed without a legal and regulatory environment that attracts investment, which is what the government is working towards through this project."
Regarding cooperation with the World Bank, Al-Adhadh stated, "The World Bank commended the reforms implemented by the Iraqi government, including the "House of Reform" policies that support sustainable development, and cooperation focuses on supporting financial reforms, providing technical advice, and financial assistance to enhance the stability of the Iraqi economy and improve financial governance systems."
Al-Adhadh also noted that "the government has made significant progress in preparing the draft law on public-private partnerships, which is an essential part of the government's program. This partnership aims to enhance cooperation between the government and the private sector, particularly in infrastructure, transportation, and energy projects, thus contributing to stimulating the national economy and achieving sustainable development."
Regarding the issue of restructuring the banking sector, Al-Adhadh revealed a plan to merge Rafidain and Rashid Banks into a single entity with the aim of improving Iraq's credit rating and increasing international confidence in the banking sector. He noted that an international consulting firm has been commissioned to oversee the merger process, which includes improving financial and administrative performance and developing the digital infrastructure.
The Prime Minister's advisor also addressed the issue of economic diversification, stressing that "the government has achieved a significant increase in non-oil revenues, which is an important achievement within the framework of the income diversification strategy." He noted that "the government is focusing on improving tax administration, developing customs duties, and stimulating investment in non-oil sectors such as industry, agriculture, tourism, and technology, to ensure the sustainability of these revenues."
Al-Adhadh confirmed that "the economic reforms implemented by the government contribute to strengthening the investment environment and achieving sustainable economic growth, ensuring Iraq has a stronger and more diversified financial future."
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Shafaq News
2 hours ago
- Shafaq News
Basra's environmental crisis: Tribal leaders condemn government inaction
Shafaq News/ Tribal leaders in northern Basra denounced, on Monday, the Iraqi government's 'failure' to confront a worsening environmental crisis, warning that unchecked pollution is 'slowly killing' local communities. In a statement, elders accused officials of disregarding health risks, ignoring public outcry, and breaking earlier promises, stating, 'Local representatives met with the Prime Minister's [Mohammed Shia Al-Sudani's] Office, where officials pledged action, but nothing has materialized.' They urged Basra Governor Asaad Al-Eidani to root out corruption within provincial agencies and engage directly with community leaders to address the health and environmental fallout. Basra, Iraq's oil capital, is suffering from severe pollution, marked by a recent toxic algae bloom turning parts of the Euphrates River red. Years of industrial mismanagement, poor infrastructure, and climate change have contributed to hazardous air and water quality. Gas flaring, vehicle emissions, and power plants exacerbate the situation.


Shafaq News
4 hours ago
- Shafaq News
Widespread backlash grows over Israel's interception of ‘Madeleine' Flotilla
Shafaq News/ Israel's seizure of the humanitarian ship 'Madeleine' in international waters on Monday has drawn widespread backlash and renewed scrutiny of its blockade on Gaza. Hamas labeled the interception 'piracy' and a 'war crime,' urging the immediate release of all activists onboard and holding Israel fully accountable for their safety. Al-Haq, a rights group based in Ramallah, condemned the operation as an 'unlawful interception,' framing it as part of Israel's strategy to isolate and dismantle Palestinian society. Al-Haq urges states & intl orgs to ensure safe passage for the Madleen crew. Detained activists must be released & protected now. Let the #Madleen sail to Gaza. #FreePalestine #LetMadleenSail #MadleenToGaza — Al-Haq الحق (@alhaq_org) June 9, 2025 The operation also sparked internal dissent. Israeli media reported frustration within naval ranks, with a former navy chief telling Maariv the standoff should have been resolved through diplomacy, not force. The Australian Government must now impose immediate sanctions on the Israeli arms industry and the Netanyahu Government and end the two way arms trade with Israel #Madleen — David Shoebridge (@DavidShoebridge) June 9, 2025 Internationally, Australian Senator David Shoebridge denounced the raid as 'a clear breach of international law,' urging Canberra to sanction Israel's arms sector and Prime Minister Benjamin Netanyahu's government. UN Special Rapporteur Francesca Albanese echoed those calls, stressing that 'breaking the siege is a legal duty for states and a moral imperative for all of us.' While #Madleen must be released immediately, every Mediterranean port should send boats with aid, solidarity, and humanity to Gaza. They shall sail together—united, they will be unstoppable. #BreakingTheSiege is a legal duty for states, and a moral imperative for all of us. — Francesca Albanese, UN Special Rapporteur oPt (@FranceskAlbs) June 9, 2025 Israel's Foreign Ministry confirmed the 'Madeleine,' also known as 'Madleen,' was towed at 3 a.m. local time into Israeli waters under orders from Defense Minister Israel Katz. The military claimed the move followed prior warnings and said all 12 passengers would be deported. Those detained included Swedish climate activist Greta Thunberg and Irish actor Liam Cunningham, known for Game of Thrones. This marks the second maritime standoff in recent weeks. In May, the aid ship Al-Dameer was reportedly damaged by an Israeli drone while approaching Gaza.


Iraqi News
9 hours ago
- Iraqi News
Iraq frees Egyptian and Australian engineers over central bank contract issue
Baghdad – Iraq has released an Australian mechanical engineer and his Egyptian colleague who were detained for more than four years over a dispute with the central bank, authorities said Friday, though the two remain barred from leaving the country. Robert Pether and Khalid Radwan were working for an engineering company contracted to oversee the construction of the bank's new Baghdad headquarters, according to a United Nations report, when they were arrested in April 2021. A report from a working group for the UN Human Rights Council said the arrests stemmed from a contractual dispute over 'alleged failure to execute certain payments'. Both men were sentenced to five years in prison and fined $12 million, the working group said. A security official, speaking on condition of anonymity, told AFP that Pether, in his fifties, was released 'due to his poor health'. Australian media have previously reported that the family suspected Pether had developed lung cancer in prison and that he had undergone surgery for skin cancer. A second Iraqi official confirmed the release of Radwan, adding that he was not allowed to leave the country until a 'final decision' was made regarding his case. Australia's ABC broadcaster quoted the country's foreign minister, Penny Wong, as welcoming the release and saying the Australian government had raised the issue with Iraqi authorities more than 200 times. Simon Harris, foreign minister for Ireland, where Pether's family lives, posted on X: 'This evening, I have been informed of the release on bail of Robert Pether, whose imprisonment in Iraq has been a case of great concern. 'This is very welcome news in what has been a long and distressing saga for Robert's wife, three children and his wider family and friends.' Speaking to Irish national broadcaster RTE, Pether's wife, Desree Pether, said her husband was 'not well at all' and 'really needs to just come home so he can get the proper medical care he needs'. 'He's completely unrecognisable. It's a shock to the system to see how far he has declined,' she said.