The IMF states that countries are supposed to constantly be striving for Article VIII acceptance…in other words they’re not supposed to be complacent with being an Article XIV. IMF is not going to accept a country such as Iraq or any other country into Article VIII if they haven’t met the conditions for compliance especially if it’s been documented in the Article IV Consultation.
There are no exceptions to meeting compliance… Article XIV is known as “transitional arrangement” and members must strive for Article VIII …And finally it is not advantageous for Iraq to sit in Article XIV especially since it’s been stated numerous times in the Article IV Consultations that moving to Article VIII will send a positive message to the global investment community.
Any country that is in Article XIV can notify the IMF of their desire to avail to Article VIII but if they continue to have restrictions that are not compliant with Article VIII they will not be accepted. [It makes sense that the IMF should expect them to move forward since the IMF and other countries have so much time, money and energy invested in them or any country in development.] Yes, that is why I believe the IMF will hold an Article IV Consultation with Iraq and during that consultation will encourage them to move forward now.