3-23-13 Frank26: Article: “IMF mission concludes Article 4 discussion with Iraq”
Article 4 is the key to their shackles, Chapter 7. In the last 10 days the IMF met with the GOI and the CBI. They accepted everything presented to them to have approval to raise the value of their currency. This was the key to their shackles, it’s called Article 4. The IMF needed 85% of its members to raise their hands and say they allow Iraq to increase their exchange rate and the got it. They now exit from, from the IMF, Article 14, accepted through Article 4, to enter International status of Article 8.
They got the green light to lift the value of their currency. It’s done. Article 4 is the permission to raise the value of their currency and they are about to do that next week through their budget and the following week Kuwait is coming to say “congratulations” here is the key to Chapter 7.
We have been looking today for an extension of the Standby Agreement. There isn’t any. They have entered the one way street to revalue their currency. They’ve got the green light. This is huge. Now, it’s up to Iraq to follow through within 30 days, 30 days or less. If not in 30 days, it kicks in anyway. It’s a one way street. Iraq has the green light to allow them to release the rate & we believe that it will be done in the budget sometime next week, possibly even this coming Sunday.