Iranian lawmakers voted overwhelmingly Monday to confirm Ali Madanizadeh as the country’s new economy and finance minister, tasking the 43-year-old academic with navigating Iran’s deepest economic crisis in decades as the nation faces simultaneous military strikes and intensifying international pressure.
Madanizadeh secured 171 votes in favor, 61 against, and eight abstentions from the 290-seat parliament, a decisive margin that reflects lawmakers’ urgency to address Iran’s mounting economic troubles.
The appointment comes after President Masoud Pezeshkian nominated the Sharif University of Technology economics professor on June 1, following months of political vacuum in the crucial ministerial position.
The new minister inherits an economy ravaged by multiple crises. Iran has grappled with persistent double-digit inflation and a severely weakened currency, problems exacerbated by comprehensive U.S. sanctions that have isolated the country from international financial systems.
His predecessor, Abdolnaser Hemmati, was dismissed in March following a parliamentary vote of no confidence after failing to stem the economic deterioration.
Madanizadeh’s confirmation comes at perhaps the most challenging moment in recent Iranian history. Since Friday, the country has been locked in an unprecedented cycle of direct military confrontation with Israel that has claimed hundreds of lives and threatens to spiral into broader regional warfare.
Iranian health ministry officials report 224 people have been killed in Israeli strikes that began Friday, targeting what Israel claims are military installations and nuclear facilities. The attacks have struck both military and civilian areas across Iran, marking the most significant direct assault on Iranian territory in decades.
Iran has responded with what officials describe as massive retaliation. Iranian forces have fired hundreds of ballistic missiles and drones into Israel, causing multiple casualties and significant damage to an oil refinery and a prominent science institute. Israeli reports indicate at least three people were killed and 174 injured in 17 Iranian strikes that reached major population centers, including Tel Aviv.
The timing of Madanizadeh’s appointment underscores the interconnected nature of Iran’s challenges. As the country allocates resources for military retaliation and deals with damaged infrastructure from Israeli strikes, the new economy minister must simultaneously address structural economic problems that predate the current conflict.
The escalation has also complicated Iran’s already strained international position. President Donald Trump’s return to office in January brought renewed “maximum pressure” sanctions, further restricting Iran’s ability to access global markets and stabilize its currency.
Iranian Foreign Ministry spokesman Esmaeil Baqaei accused Israel of deliberately targeting civilians, claiming 70 women and children were killed in Israeli attacks, with another 10 children still trapped under rubble in Tehran. Israel maintains its strikes target only military and nuclear-related facilities.
For Madanizadeh, an associate professor specializing in economic theory, the task ahead appears daunting. He must craft policies to combat inflation and currency instability while the country faces potential further military escalation and international isolation. The parliamentary vote of confidence, while decisive, comes with enormous expectations from lawmakers who ousted his predecessor for similar failures.
The confirmation process had faced some resistance from hardline elements within Iran’s political establishment, but Monday’s vote suggests broad recognition that economic expertise is urgently needed as Iran navigates its most serious crisis in years.
As regional tensions continue to escalate, with both sides threatening further retaliation, Madanizadeh’s ability to stabilize Iran’s economy will likely depend as much on diplomatic developments as on domestic policy measures.
The intersection of military conflict and economic management presents an unprecedented challenge for any finance minister in the volatile Middle East landscape.
WHAT YOU SHOULD KNOW
Iran’s confirmation of a new economy minister reveals the country is caught in an unprecedented dual crisis that threatens its stability on multiple fronts.
Iran is simultaneously fighting two critical battles: an economic collapse driven by U.S. sanctions and soaring inflation, and an active military confrontation with Israel that has already killed hundreds and consumed vital resources.
Ali Madanizadeh’s appointment as economy minister comes at the worst possible moment. While tasked with fixing an economy so broken it forced out his predecessor, he must now also navigate wartime conditions where military spending takes priority over economic recovery.
