Sandy Ingram
For Iraq, achieving Article VIII status would require deep reforms including closing the gap between the official and parallel exchange rates, cleaning up its banking sector, digitizing transactions, enforcing anti-money laundering and counter-terrorist financing standards and ending informal restrictions on capital movement.
Once benchmarks are met and sustained Iraq can formally request the IMF executive board to approve its transition from Article XIV...
to Article VIII signaling full integration into the global financial system. This step would boost investor confidence, attract foreign capital and support long-term economic growth.