[Well the bandwagon came and went. 90 days over. No Article 8?…]
I never said they would move. I said it was a requirement TO move to Article VIII. Compliance is important to the IMF. That being said, i do expect the CBI to write the letter accepting Art VIII as soon as possible. I stated in March that not only would Iraq have to meet IMF compliance but they probably would wait for the formation of the new GOI before accepting Article VIII.
That being said, waiting is risky for the CBI. Iraq needs to end the auctions to stop the risk of depleting reserves, they need investment, and they need to put people back to work. If they fall out of compliance they will be required to go another 3 months maintaining the spread at 2% or less. Risky… These requirements are not flexible. The CBI has to prove they can do this in order to move to Article VIII. These are the big boys, bankers who know what they are doing.