Sandy: Iraq did receive funds from the IMF under the SBA created in Feb 2010. The amount available was incremental subject to regular reviews. In March 2011, Iraq told the IMF they did not want any more money so consequently the 3rd review was never carried out.
Any talk about the SBA expiring this month is of no significance as the SBA effectively expired when Iraq turned down further funding. It is impossible for Iraq to LOP, no such animal, but they could certainly redenominate.
Any loans from the IMF would not have any bearing on the issue, and not because they were valued in USD. The IMF loan will exist as a 'debt' in the Iraq accounts. There are many theories being proposed but most are fundamentally flawed. International accounting practice only allows 'cash items' in a companies accounts to be adjusted by a variation in the rate of exchange.
Capital, shares, assets, debts etc are not considered 'cash items' and would continue to retain value on a 'historical cost ' basis. In the last set of accounts, Iraq had 27 trillion in 'issued' banknotes.
In the event of a REVALUATION, dinar within Iraq will remain as dinar and local prices will adjust as necessary. Iraq will only need to fund the banknotes held outside of Iraq, and there lies the unknown.