Nearly ten months after parliamentary elections, Iraq’s political parties have still not managed to form a government, holding up the passage of important legislation—including the annual budget. Although the Ministry of Finance has completed a draft budget, the current government is unable to submit it to the parliament due to its caretaker status.

Observers warn that a continued delay will prevent investment in critical infrastructure projects, hinder economic growth, and impede the government’s response to rising food prices.

Led by Prime Minister Mustafa Al-Kadhimi, the caretaker government is operating under the terms of the 2021 budget, which was passed last March after months of wrangling between the Kurdistan Regional Government (KRG) and the federal authorities...