Advertisment

Iraq Aims to Modernize Economy with Shift to Electronic Payments

author-image
Momen Zellmi
New Update
Iraq Aims to Modernize Economy with Shift to Electronic Payments

In a recent proclamation, Prime Minister of Iraq, Mohammed Shia' Al Sudani, underscored the imperative for Iraq's financial systems to transition towards an electronic payment system. This significant shift is not just a technological advancement, but a crucial step towards modernizing Iraq's financial infrastructure and aligning it with global economic practices.

Advertisment

Prime Minister Al Sudani emphasized the substantial economic benefits that an electronic payment system would bring. The shift towards digital transactions would not only streamline financial processes but also enhance overall economic efficiency. The move is deemed necessary to cope with the rapid changes in the global financial landscape, where digital transactions have become the norm rather than the exception.

Clampdown on Corruption

Another substantial advantage of this transition is the potential to reduce corruption. By embracing electronic payments, the government aims to increase transparency in economic dealings, making it harder for corrupt practices to go unnoticed. This move, therefore, not only brings financial efficiency but also fortifies the fight against corruption.

This shift towards electronic payments is part of a broader effort to modernize Iraq's financial systems. By aligning with global economic practices, Iraq is positioning itself to be more integrated with the worldwide economy, and thereby attract more foreign investments. The move is seen as a significant leap forward in a country that has been grappling with the aftermath of war and political instability.

Advertisment
Advertisment