Press Release: IMF Statement on Iceland
April 9, 2010Press Release No. 10/139
April 9, 2010
Mark Flanagan, mission chief to Iceland at the International Monetary Fund (IMF), issued the following statement in Washington today:
“Agreement has been reached on a Letter of Intent for the second review under Iceland's Stand-By Arrangement with the IMF. The review is tentatively scheduled to be discussed by the IMF's Executive Board on April 16, 2010.
“Upon completion of the review, Iceland would become eligible to draw a third disbursement under the arrangement, in an amount of SDR 105 million (about US$159 million).”
The SBA was approved on November 19, 2008 (see Press Release No. 08/296) for SDR 1.4 billion (about US$2.2 billion).