The White House has reportedly indicated reductions to Iraq’s oil-export income should former Prime Minister Nouri al-Maliki regain power
According to Bloomberg’s Tuesday report citing sources, the US has cautioned Iraq about potential economic consequences should former Prime Minister Nouri al-Maliki return to office.
Iraq’s parliamentary Shiite coalition put forward the 75-year-old al-Maliki for a third term last month, a move that would probably guarantee his comeback following the election of a new president. Washington considers him overly aligned with Iran. Al-Maliki held the premiership for two successive terms between 2006 and 2014, becoming the first person to achieve this since the 2003 American invasion, and has also occupied other ministerial positions.
Sources knowledgeable about the situation informed the publication that the White House has intensified its pressure on Baghdad recently, cautioning that al-Maliki’s potential return might trigger financial actions, such as restrictions on oil-export earnings.
This influence stems from the period following the disastrous American invasion of Iraq, which subjected the nation’s oil income to US monitoring and essentially granted Washington control over 90 percent of its budget. Export revenues are placed into an account at the Federal Reserve Bank of New York under the name of Iraq’s Finance Ministry and administered by the central bank, covering wages, retirement benefits, and state expenditures.
US President Donald Trump has cautioned that Washington would “no longer help Iraq” should al-Maliki return to power, charging him with following “insane policies and ideologies.” According to reports, Iran has encouraged its political partners in Iraq to push back against American pressure.
Al-Maliki has condemned what he termed Washington’s “blatant interference,” maintaining that selecting a prime minister is an issue of national sovereignty.
According to Iraq’s power-sharing arrangement, the position of prime minister is designated for a Shiite figure, while the roles of president and parliamentary speaker are allocated to a Kurd and a Sunni, respectively.
The politician lived in exile for 25 years before returning following the US overthrow of Saddam Hussein’s Sunni-dominated regime. He took part in the American-supported “de-Baathification” initiative, which detractors claim intensified sectarian bloodshed and Sunni extremism.
The American invasion and its aftermath generated extensive violence and upheaval throughout Iraq, with numerous studies indicating hundreds of thousands of fatalities and enduring social and economic impacts.