29. October 2009
IMF completes first review under stand-by arrangement with Iceland
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Iceland’s economic performance. The completion enables the process of $167.5 million loan to Iceland.
The Ministry of Economic also announced that following the IMF completion an additional loan from the Nordic countries, amounting to $625 million, was expected.
In the announcement, Gylfi Magnusson, minister of economic affairs said: “We welcome this stage as recognition of the progress achieved in economic and financial reconstruction in recent months. One should expect that the confidence of international financial markets would increase as a result seeing that Iceland have reached all main goals of the stand-by agreement and enjoy the full support of the IMF and ally nations.”
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