New Finance Minister and The List of the Others

Finance Minister Faleh al-Sari: We will work on realistic solutions to overcome the crisis without affecting the citizen's livelihood.

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I extend my sincere thanks and appreciation to the ladies and gentlemen of the Iraqi Parliament for granting me their confidence, and I also thank the Prime Minister for his support and nomination of me for this national mission.

I assure our honorable people that the Ministry of Finance will work with all seriousness and responsibility, and in close coordination with the relevant state institutions, to find realistic financial and economic solutions that contribute to overcoming the financial crisis, while being fully careful not to harm the citizen’s livelihood, in order to achieve financial stability and preserve the rights of all Iraqis.

 rest of  the cabinet below:

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Al-Zidi's government wins the confidence of the House of Representatives and takes the constitutional oath

 

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The House of Representatives granted confidence to the government of Prime Minister Ali al-Zidi on Thursday during a voting session attended by 270 members of parliament. The Prime Minister and the ministers who were voted on took the constitutional oath, signaling the official start of the new government's duties.

The House of Representatives voted on 14 out of 23 ministries, namely:

14 ministerial portfolios in Ali al-Zaidi's government have gained the confidence of parliament, with the remaining appointments postponed until after Eid al-Adha.

1- Voting unanimously for Faleh Al-Sari as Minister of Finance.

2- Voting by an absolute majority on Basim Muhammad Khudair as Minister of Oil.

3- Voting by an absolute majority for Mohammed Nouri Ahmed as Minister of Industry.

4- Voting by an absolute majority for Ali Saad Wahib as Minister of Electricity.

5- Voting by an absolute majority for Abdul-Hussein Aziz as Minister of Health.

6- Voting by an absolute majority for Sarwa Abdulwahid as Minister of Environment.

7- Voting by an absolute majority for Abdul Rahim Jassim as Minister of Agriculture. 

8- Voting by an absolute majority for Mustafa Nizar Jumaa as Minister of Trade.

9- Voting by an absolute majority for Khalid Shawani as Minister of Justice.

10- Voting by an absolute majority on Abdul Karim Abtan as Minister of Education.

11- Voting by an absolute majority to appoint Wahab Salman Mohammed as Minister of Transport.

12- Voting by an absolute majority for Fuad Hussein as Minister of Foreign Affairs.

13- Voting by an absolute majority for Mustafa Jabbar Sand as Minister of Communications.

14- Voting by an absolute majority for Muthanna Ali Mahdi as Minister of Water Resources.

The remaining portfolios are scheduled to be voted on after the Eid al-Adha holiday, and include the ministries of: Interior, Defense, Labor and Social Affairs, Immigration and Displacement, Reconstruction and Housing, Planning, Culture, Education, Youth and Sports, in addition to the deputy prime ministers.

The US envoy congratulated al-Zaidi: Trump is fully prepared to work with you and your government.

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US Special Envoy Tom Barrack congratulated Iraqi Prime Minister Ali al-Zaidi on Thursday on his government winning a vote of confidence in parliament. Barrack said in a statement: "We congratulate Iraqi Prime Minister Ali al-Zaidi on receiving the confidence of parliament and the approval of his government by the Council of Representatives."

 He added: "We are encouraged by your new leadership and look forward to working with you to develop an ambitious agenda that aligns with our shared interests: building a sovereign, prosperous, and stable Iraq that lives in peace with its neighbors and provides opportunities and growth for all its citizens in a productive partnership with the United States." 

He noted that "President Trump, Secretary Rubio, and the United States are fully prepared to work closely with you and your government to achieve our shared goals of prosperity for the Iraqi people and the defeat of terrorism, which has long been an obstacle to their progress."

And Iran's Frist Comments...

Iran congratulates the new Iraqi government on its formation: We will stand by our Iraqi brothers.

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Iranian Ambassador to Iraq, Mohammad Kazem Al-Sadegh, congratulated the newly formed Iraqi government headed by Ali al-Zaidi on Thursday. In a post on the X platform, Al-Sadegh said, "I extend my sincere congratulations to the Republic of Iraq, its government and people, on the formation of the new government and its gaining the confidence of Parliament." He added, "We hope that political stability will open a new chapter of prosperity and progress in the strategic relations between our two countries, and Iran will remain alongside its Iraqi brothers for the security and development of the region."

other news....

Iranian rial surges in Pakistan’s open market amid rising demand

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The Iranian rial continues to trade at a significant premium in Pakistan’s open market, with steady buyer activity sustaining elevated rates despite the currency’s weakness against major global currencies.

Currency dealers in Karachi, Quetta and Lahore said the standard bundle of one crore Iranian rials (10 million IRR) is currently being traded between PKR 8,000 and PKR 10,000 in the informal cash market.

According to market participants, the rate remains three to four times higher than the earlier baseline of around PKR 2,500 for the same amount, reflecting persistent domestic demand for the currency.

Dealers said that in the open market, one Pakistani rupee is currently exchanging for nearly 1,000 Iranian rials, while PKR 1,000 can purchase around one million Iranian rials.

However, based on international benchmark and mid-market rates, one Pakistani rupee is valued at approximately 4,700 to 4,720 Iranian rials, placing the actual international value of one crore rials at nearly PKR 2,120 to PKR 2,130.

Market analysts say demand for the Iranian currency in Pakistan continues to be driven by speculation and cross-border trade activity.

Traders and investors are reportedly purchasing rials in anticipation of potential gains linked to possible diplomatic progress between the United States and Iran, hopes of sanctions relief and broader geopolitical developments that could strengthen the currency in the future.

At the same time, demand for physical rials remains linked to informal and semi-official trade activities along the Balochistan border, particularly involving petroleum products, fuel, food items and other goods traded with Iran.

Dealers noted that recent adjustments in transit and export policies have also supported the continued circulation of rial-based cash transactions in border areas.

Experts, however, warned that the Iranian rial remains highly volatile in global markets and advised small investors to exercise caution due to risks including counterfeit currency and sudden market swings caused by political or trade-related developments.

They further advised traders and buyers to conduct transactions only through licensed exchange companies and closely monitor market conditions, as rates may fluctuate rapidly.

Venezuela launches comprehensive debt restructuring; liabilities estimated to exceed $150 billion

Bonds maturing in 2031 surpass 60 cents and reach their highest levels in a decade

 

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Venezuela has launched a restructuring of its sovereign and state oil company (PDVSA) debt, a move that has sent bond prices soaring, in an effort to deal with what the government has described as unsustainable obligations.

The government said in a statement that the restructuring process would be "comprehensive and orderly," and would include sovereign debt and the debt of the state oil company, with the aim of achieving "significant relief" from the debt burden.

The statement added that the goal of the operation is to "put the economy at the service of the Venezuelan people," with any debt relief directed toward strengthening social welfare, supporting inclusive growth, and creating jobs. Venezuela also announced its intention to present its macroeconomic framework and public debt sustainability analysis to the international financial community next month, noting that it has appointed Centerview Partners as financial advisor for the process. The statement did not include details regarding the timeline, mechanisms for communicating with creditors, or the targeted terms of the restructuring.

Venezuela has one of the world's largest sovereign debt defaults, with total non-performing bonds—both sovereign and those of the state-owned oil company—amounting to approximately $60 billion. Analysts estimate that total liabilities, including arbitration rulings and accrued interest, could exceed $150 billion.

Venezuela, the South American oil-exporting nation, has defaulted on its foreign debt since 2017. A government statement issued late Wednesday said the country had previously demonstrated its solvency and willingness to meet its international obligations, but its ability to pay has been hampered since 2017 by financial sanctions.

Pramul Dhawan, head of emerging markets portfolio management at PIMCO, said: “We welcome the Republic’s willingness to engage with bondholders and meet their financing needs.”

He added: “After nearly a decade of default, restructuring is an important step forward. Any lasting solution must be comprehensive and based on a credible macroeconomic framework, giving creditors confidence in Venezuela’s ability to meet its restructured obligations.”

Strong bond gains

Data from the Tradeweb platform showed that some of Venezuela’s troubled dollar-denominated bonds have gained more than two cents, with the 2031 bond reaching about 60.486 cents to the dollar, its highest level in more than a decade.

Bonds issued by Venezuela’s state-owned oil company also recorded similar gains.

“With the appointment of financial advisors, the plan is moving at a faster pace,” said Ben Ramsey, an analyst at JPMorgan, in a note to clients. He added, “We are maintaining Venezuela’s market weight rating within our typical portfolio until a clearer assessment of the debt sustainability framework is obtained.”

Venezuela, the South American country with the world's largest proven oil reserves, owes its state oil company, Petróleos de Venezuela, an estimated $150 billion to $170 billion in unpaid debt and interest, a burden that requires extensive restructuring to make the economic situation more sustainable.

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