Iraq is going through the most dangerous setback in the past two decades, a complex crisis (financial - health - political), but the biggest challenge is the financial side; in light of the decline in financial returns due to the negative demand for oil resulting from the Covid-19 pandemic. This paper analyzes the expected size of the financial crisis in Iraq, considering number of other challenges, and providing possible economic solutions and policies to address them, especially with a new government and an unstable political situation as well as the health challenges.