Baghdad, Oct 18 (IANS): Iraq's newly-elected President Abdul Latif Rashid has assumed office and expressed hope for a quick formation of the new government.

"We keep in mind what the Iraqi people are waiting for from the new government, which we hope will be formed quickly, and be strong, efficient, and unified to meet the people's aspirations for security, stability, and services," Rashid said in a televised speech during a ceremony held on Monday in the presidential palace in Baghdad.

He pledged to protect the constitution, sovereignty, unity, and independence of Iraq, and to exert every effort to bring the political forces closer through dialogue, including solving the problems between the semi-autonomous region of Kurdistan and the central government in Baghdad, reports Xinhua news agency.

"I will also seek to establish strong and balanced relations between Iraq, neighboring countries, and the international community to promote common interests," Rashid added.

On October 13, Parliament elected Rashid as the new president, marking a crucial step toward forming a new government for the country and ending a year of political deadlock.

According to the power-sharing system in Iraq after 2003, the presidency should be reserved for the Kurds, while the Parliament Speaker should be a Sunni and the Prime Minister a Shia.

Rashid's election came as political tensions have been rising in the past months between the Shia cleric Moqtada al-Sadr's Sadrist Movement, the biggest winner in the parliamentary elections in 2021, and their rivals in the Coordination Framework (CF), an umbrella group of parties.

Al-Sadr demanded to dissolve Parliament and hold early elections, but it was rejected by the CF parties, which became the largest bloc after the cleric ordered his followers to withdraw in June.