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The IMF itself made a statement about a month ago that Iraq would, “enter the world market” at the beginning of 2016.

We see now that the manner in which the IMF could guarantee such a statement is that they had worked out a deal to guarantee that what they said would come to pass.

That guarantee is this “memorandum of understanding” between the IMF and the CBI.

Considering that the IMF made its proclamation about Iraq “entering the world market” a month ago, it seems to me that this memorandum of understanding is actually a much more powerful document than just an “understanding.”