Iranian lawmakers on Monday approved the appointment of Ali Madanizadeh, 43, as the new economy and finance minister, tasking him with addressing the country’s escalating economic crisis marked by soaring inflation and a depreciating currency.
Madanizadeh was confirmed with 171 votes in favor, 61 against, and eight abstentions in the 290-seat parliament, following the ousting of his predecessor, Abdolnaser Hemmati, who lost a no-confidence vote over failure to manage Iran’s economic challenges.
Iran’s economy continues to suffer under sweeping US sanctions, which have intensified since former President Donald Trump reinstated the “maximum pressure” campaign in January. These sanctions have contributed to persistent double-digit inflation and rising consumer prices.
The economic crisis coincides with a significant escalation in regional conflict. Since Friday, Israel has launched extensive airstrikes across Iran, targeting military bases, nuclear sites, and residential areas, resulting in at least 224 fatalities, including military officials and nuclear scientists.
In retaliation, Iran has carried out drone and missile attacks against Israel, killing at least 24 people, according to Israeli government figures.
Tensions remain high as Iran and Israel continue their longstanding conflict, with Iran denying recognition of Israel and accusing it of sabotage and targeted assassinations against its nuclear program.
