Iraq is entering a pivotal phase as Prime Minister Ali al-Zaidi’s newly formed government begins its tenure amidst significant economic and security challenges, largely fueled by recent regional conflicts. With a cabinet in place that includes key ministers and deputy prime ministers, this political transition offers Iraq a chance to address pressing issues such as corruption, security, and economic stability as it navigates the complexities of the ongoing crisis.
Iraq’s parliament has successfully established the government led by Prime Minister Ali al-Zaidi following the approval of various cabinet posts, including critical roles for ensuring national security and governance. Lawmakers convened on Thursday to endorse 11 ministerial positions, appointing Nayef al-Shammari as defense minister and Yasir al-Maliki as interior minister, among others. Three deputy prime ministers, including Laith al-Khazali, a prominent figure associated with the Iran-aligned Asaib Ahl al-Haq movement, were also endorsed, highlighting the diverse political landscape influencing Iraq’s governance.
Despite the momentum gained, a vote on the nominee for migration and displacement minister was postponed due to conflicting opinions among political factions. Al-Zaidi’s administration is stepping into a challenging environment, marked by severe economic ramifications stemming from ongoing regional conflicts, particularly the US-Israel war on Iran, which commenced on February 28. This war has imposed formidable economic strain, as Iraq has historically relied on its oil exports—approximately 3.5 million barrels per day—accounting for 90 percent of its government revenue.
In light of these challenges, al-Zaidi noted that the war has exacerbated Iraq’s liquidity crisis. The new government faces the daunting task of addressing a public debt that has soared beyond 208 trillion Iraqi dinars (approximately 9 billion) and ensures the provision of necessary public services. To tackle essential spending needs, Al-Zaidi, a former banker, instituted a nearly 15 percent devaluation of the dinar against the US dollar.
Looking to the future, Al-Zaidi is committed to combating corruption, disarming non-state armed entities, and reinforcing Iraq’s sovereignty, which includes the complete withdrawal of US military forces from Iraqi territory. This new administration’s capacity to navigate the intricacies of internal politics and external pressures will determine the nation’s path towards stability and prosperity.
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