## Press Release: Iceland Repays All of Its Remaining Obligations to the IMF Ahead of Schedule

_IMF News, October 9, 2015_

## Source details

**Canonical URL:** [Press Release: Iceland Repays All of Its Remaining Obligations to the IMF Ahead of Schedule](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr15469)

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## Bibliographic details
- Published: October 9, 2015

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### Repayment summary
- Iceland repaid, ahead of schedule, all of its remaining obligations to the International Monetary Fund (IMF), amounting to SDR 236.9 million (about US$334 million).
- The single repurchase consolidated 11 separate repurchases that would otherwise have fallen due between October 14, 2015 and August 31, 2016.
- The obligations were contracted under the Stand-By Arrangement approved by the IMF’s Executive Board on November 19, 2008, under which Iceland borrowed a total of SDR 1.4 billion (about US$2.1 billion at the time of approval).

### Context and institutional response
- The Stand-By Arrangement originated in the midst of a deep financial crisis and involved intensive engagement between Iceland and the IMF.
- Christine Lagarde, the Managing Director of the IMF, stated: “This early repayment by Iceland marks a successful end to an intensive engagement with the Fund that began in the midst of a deep financial crisis. The IMF looks forward to continuing a close and constructive relationship with the Icelandic authorities.”
- The repayment brings to an end the IMF’s Post-Program Monitoring of Iceland.
- The IMF Executive Board last met to discuss Iceland on June 24, 2015 when it considered the Sixth Post-Program Monitoring Discussion (see Press Release 15/299).

### Recent engagement and follow-up
- An IMF staff team visited Reykjavik in late September to be updated on recent economic developments, including progress in implementing the authorities’ capital account liberalization strategy.

### Administrative and contact details
- Press Release No. 15/469
- Date: October 9, 2015
- IMF COMMUNICATIONS DEPARTMENT, Media Relations
- E-mail: media@imf.org
- Phone: 202-623-7100

*Source: IMF Press Release No. 15/469, October 9, 2015.*

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## References

- [Iceland and the IMF](http://www.imf.org/external/country/ISL/index.htm)
- [Peru and the IMF](http://www.imf.org/external/country/PER/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Press Release 08/296](https://www.imf.org/external/np/sec/pr/2008/pr08296.htm)
- [Press Release 15/299](https://www.imf.org/external/np/sec/pr/2015/pr15299.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr15469_