Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
October 20, 2009
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This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial markets. Several quantitative and structural program targets were missed. The authorities and IMF staff have agreed that a faster pace of fiscal adjustment and more gradual pace of capital account liberalization would be the key toward preserving stability and sustainability.
Subject: Balance of payments, Banking, Capital controls, External debt, Financial institutions, Financial statements, Loans, Public debt, Public financial management (PFM)
Keywords: Capital controls, CR, debt, debtor-creditor agreement, Financial statements, fiscal consolidation objective, Global, internal audit procedures practice, ISCR, Islandsbanki acquisition, Loans, management operation, private sector, support private sector demand
Pages:
98
Volume:
2009
DOI:
Issue:
306
Series:
Country Report No. 2009/306
Stock No:
1ISLEA2009003
ISBN:
9781451819410
ISSN:
1934-7685
