TEHRAN - Iranian lawmakers on Monday approved Seyed Ali Madanizadeh as the country's new minister of economic affairs and finance in a vote of confidence, the semi-official Tasnim News Agency reported.

During an open session of parliament in the capital Tehran attended by President Masoud Pezeshkian, lawmakers voted 171 in favor and 67 against, with eight abstentions, to confirm Madanizadeh.

Madanizadeh will replace Abdolnaser Hemmati, who was impeached and removed from office by parliament in March amid the country's ongoing economic challenges.

Madanizadeh holds a doctorate in economics from the University of Chicago and previously served as president of the Faculty of Management and Economics at Sharif University of Technology.

Following Hemmati's dismissal, Pezeshkian appointed Rahmatollah Akrami as acting finance minister.