Last weekend you had a chance to see the IMF Article 4 consultation and inside of that, it had comments about Iraq transitioning into Art. VIII and showing you how Iraq is currently under Art. VIII rules and guidelines per the IMF. That’s because Iraq’s got training wheels on right now transitioning into Art. VIII and they have been at that step for at least a year now. And one of the key things you saw was that Iraq is under a single currency practice, MCP, which means they can only use 1 currency, their native currency, the Iraqi dinar.
The reconstruction from the war has been outstanding for over 1 1/2 yrs. …because they can only use 1 currency to pay for it…the dinar. The reason they have not pushed forward & restarted reconstruction is simply because their currency is not internationally recognized… It’s that simple…how can they pay outside contractors…to pay for it? They can’t. They simply have to wait until it is internationally recognized which means they have to wait until the rate change occurs and their currency becomes internationally recognized.
I’ve got an article showing…how Iraq has engaged in a Memorandum of Understanding with the U.N. to do the reconstruction in liberated areas…So this is just more proof showing you were at the end of the ride… And remember Art. 140, which…some of it is giving restitution to the Kurdistan people/citizens …there’s money allocated for Art. 140 inside the 2019 budget. That shows you Iraq has full intentions of changing the rate this year, in 2019, not 2020.