In just two weeks Iraq will have gone an entire year entangled in futile government formation negotiations since the October 2021 parliamentary elections (MEES, 15 October 2021). As the unwanted marker approaches, there is finally some indication that the country’s feuding political parties could be on the cusp of forming a new government. A new cabinet with full powers would bring the much-needed stability that foreign investors crave (MEES, 30 September).
The caretaker administration of PM Mustafa al-Kadhimi has only been allowed by the country’s Supreme Court to conduct “day-to-day” matters, greatly limiting its ability to sign and finalize foreign investment contracts or tap into this year’s oil revenue windfall (MEES, 2 September). Adding more complexity, the court also recently dismantled the Iraq National Oil Company (INOC), leaving IOCs operating in the South in disarray awaiting new directives from the oil ministry (MEES, 23 September). (CONTINUED - 910 WORDS)