Iceland: Fourth Review under Stand-By Arrangement, Request for Waivers of Applicability, and Request for Establishment of Performance Criteria-Staff Report; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland.

January 14, 2011

Preview Citation

Format: Chicago

Iceland: Fourth Review under Stand-By Arrangement, Request for Waivers of Applicability, and Request for Establishment of Performance Criteria-Staff Report; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland., (USA: International Monetary Fund, 2011) accessed September 18, 2024

Summary

Iceland has made considerable progress under an economic program supported by the Stand-By Arrangement (SBA). Successful implementation of fiscal adjustment, effective use of capital controls, and financial sector restructuring have underpinned the recovery. Executive Directors emphasized that Iceland should continue to build up its stock of international reserves. They welcomed the new framework for corporate debt restructuring, passage of the 2011 budget, and the agreement on Icesave dispute. The IMF Board appreciated efforts in achieving program targets and granted a waiver for maintaining the economic growth of the country.

Subject: Asset and liability management, Banking, Debt restructuring, Expenditure, External debt, Financial institutions, Fiscal stance, Loans, Public debt

Keywords: CR, Debt, Debt restructuring, Executive board's discussion, Iceland's quota, ISCR, Last Article IV consultation, Loans, MCM, Procedures practice, Reserves management guideline, Targeted debt restructuring

Publication Details

Pages:

80
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/016
Stock No:

1ISLEA2011001
ISBN:

9781455213702
ISSN:

1934-7685

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