Refactor reconcileNormal function to accept context from caller

[carmal891]

What this PR does / why we need it:

1. Refactor reconcileNormal function to accept context from caller
2. Updates log statements to use log V3

Which issue(s) this PR fixes (optional, in fixes #<issue number>(, fixes #<issue_number>, ...) format, will close the issue(s) when PR gets merged):
Fixes #2018

Special notes for your reviewer:

/area provider/ibmcloud

1. Please confirm that if this PR changes any image versions, then that's the sole change this PR makes.

Release note:

[k8s-ci-robot]

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[k8s-ci-robot]

Hi @carmal891. Thanks for your PR.

I'm waiting for a kubernetes-sigs member to verify that this patch is reasonable to test. If it is, they should reply with /ok-to-test on its own line. Until that is done, I will not automatically test new commits in this PR, but the usual testing commands by org members will still work. Regular contributors should join the org to skip this step.

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[Prajyot-Parab]

/ok-to-test

[Prajyot-Parab]

/cc @Karthik-K-N